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Lower mortgage rates are spurring housing demand

Housing Wire

Additionally, our weekly pending contract data and new listings are trending positively compared to last year. Last year, I estimated that a minimum of 80,000 homes would be listed every week during the peak seasonal months, and my prediction was only off by 5,000.

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How are mortgage rates affecting housing demand?

Housing Wire

24): Inventory fell from 569,898 to 565,875 The all-time inventory bottom was in 2022 at 240,497 The inventory peak for 2024 so far is 739,434 For some context, active listings for this week in 2015 were 1,104,310 New listings data While active inventory didn’t rise, we did get a nice boost in new listings this last week.

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New listings data falls for third week in a row 

Housing Wire

New listings data has been moving lower over the last few weeks. But, we need to see more growth in new listings data just to grow from 2023 levels. 2023 new listings data was the lowest ever on record, so it’s already a low bar. We have a much more normal marketplace in 2023 and 2024.

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New listings have peaked for 2024: It’s the second-lowest year on record

Housing Wire

One of my critical forecasts for 2024 was the growth of new listings data and active inventory, even with higher mortgage rates. However, the new listings data has slightly disappointed me. New listings data I am pleased that we’ve seen new listings data grow year over year — it’s a big step forward.

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New listings data unfazed by 8% mortgage rates

Housing Wire

New listing data appears unafraid of the mortgage rate ghost story over the last few months. Unlike last year, when new listings data had a noticeable move lower once mortgage rates reached 6%, 8% mortgage rates haven’t had any noticeable impact on the latest new listings data. If we start from Nov.

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The two big housing market trends to watch in 2025

Housing Wire

The three years in the post-pandemic housing market have been marked by very few sellers 60,000 new listings in a given week vs. 80,000 in years’ past. New listings are low As we look deeper into the supply side of the market, there were 32,500 new listings unsold this week.

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Lower mortgage rates spark housing demand heading into spring

Housing Wire

And remember, mortgage rates fell to around 6% in late 2022 and early 2023. I wholeheartedly believed that new listings would hit at least 80,000 during the season’s peak weeks this was the norm before the pandemic shook things up. By early 2024, mortgage rates increased slightly to 6.63%.

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