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Pending home sales rise again as buyers capitalize on more inventory

Housing Wire

is the highest level for the PHSI since February 2023, according to NAR. “Despite higher mortgage rates in November and persistent affordability challengers, buyers took advantage of more inventory as pending home sales reached the highest level in nearly two years. compared to November 2023. month over month and 6.9%

Inventory 435
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Spring housing market gets more inventory

Housing Wire

Active weekly housing inventory growth slowed slightly last week, but it’s still running at a healthier clip than in 2023. I have a simple model with mortgage rates being above 7.25%: weekly inventory data should grow between 11,000-17,000 per week. We have now seen it for two weeks as inventory grew by 13,247.

Inventory 514
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Rising inventory is the most positive housing market story in 2024

Housing Wire

The most positive development in the housing market over 2024 has been the increase in active housing inventory , which is approaching the levels seen in 2019. Although those 2019 levels represent a five-decade low before COVID-19, the market was still functioning better than it did from 2020 to 2023. Weekly inventory change (Dec.

Inventory 514
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Altos: Housing inventory could grow 40% this year

Housing Wire

Last fall when people were still expecting mortgage rates to be falling this year, it was common to assume rates would be in the low 6s or 5s this year and people asked me if lower rates would bring a flood of inventory. The only way inventory would grow in 2024 is if mortgage rates climbed. That’s 15% growth over the pace of 2023.

Inventory 516
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Existing-home sales flop once again, but inventory is a bright spot

Housing Wire

And while the slower sales pace may not be great news for real estate professionals, it has resulted in an uptick in inventory , which is good news for homebuyers. For-sale inventory at the end of September was 1.39 month supply of unsold inventory, up from 4.2 months in September 2023. from September 2023.

Inventory 466
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Housing inventory up almost 40% over last year

Housing Wire

We finally have six weeks of numbers that hit my housing inventory growth model perfectly in 2024. Last year, with higher mortgage rates , we had zero weeks at this level so I am now giving 2024 inventory growth a grade of A. have higher inventory than the national data. I recently spoke about this in an interview on CNBC.

Inventory 526
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Why is housing inventory growing with higher mortgage rates?

Housing Wire

The mortgage rate lockdown premise says that if rates rise, inventory can’t grow meaningfully. Let’s take a look at the inventory data this year to test this premise, since for many months it has been a working theory of mine that new listings data behavior last year marked a bottom and even going into 2024 we should see more sellers.

Inventory 535