Housing Wire

DECEMBER 30, 2023

Going into 2023, people thought housing inventory would skyrocket, home prices would crash, and we would see the housing market of 2008 all over again. Looking back on 2023, the inventory story was a big surprise even as mortgage rates headed toward 8%, as the data below will show. 9, 2022, and they’ll be ready for what’s coming next.

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Inventory New Listings Housing Market Mortgage 521

Housing Wire

OCTOBER 22, 2024

Data from Altos Research shows that higher mortgage rates aren’t necessarily keeping sellers from listing their homes. Recently released data from Zillow shows that housing starts were down for a second straight year in 2023, although activity remains above pre-pandemic levels. 18 to 6.15% on Tuesday.

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Sellers Mortgage Marketing Construction 468

Housing Wire

JANUARY 2, 2024

Each week sellers are easing back into the market a little more than last year. The defining characteristic of 2023 was how few sellers we had. We had 51 weeks in 2023 withfewer sales in the pipeline than in 2022. That’s fewer than last week of course it’s the holidays, but it’s almost 5% more than where we ended 2022.

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Housing Market Marketing Inventory Contracts 531

Housing Wire

JUNE 18, 2024

Last month’s reading marked the smallest monthly increase on a seasonally adjusted basis since January 2023. Looking ahead, Redfin expects new listings to continue to rise as the mortgage rate-lock effect on home sellers wears off, which could occur if mortgage rates continue to fall. “We

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Appraisal Buzz

JUNE 14, 2024

There have only been two months in the last decade with fewer home sales: October 2023, when mortgage rates reached a 23-year high, and May 2020, when the pandemic brought the housing market to a halt and home sales to an all-time low. In some places, individual home sellers have faced stiff competition from homebuilders. Ongoing U.S.

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Sellers Buyers New Listings Mortgage 435

Housing Wire

DECEMBER 13, 2023

It was the fourth pause recorded in 2023. In 2023, the Fed hiked the benchmark federal funds rate by a quarter-point at four meetings, most recently in July. Prospective homebuyers bear the brunt of the lack of affordability while home sellers continue to cling to their historically low rate, pandemic-era mortgages.

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Mortgage Investors Sellers Marketing 526

Appraisal Buzz

SEPTEMBER 5, 2024

Simultaneously, home sellers reduced the number of newly listed properties on the market, with a -0.9% In April we noted that rising for-sale inventory was likely to lead to more balance between buyers and sellers. more homes listed for sale than there were at the same time in 2023. decrease from the previous year. “In

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Sellers Housing Market Buyers Marketing 397

Housing Wire

OCTOBER 17, 2024

in 2023 to 2.3% These are conclusions drawn by economists at Fannie Mae ‘s Economic and Strategic Research (ESR) Group. They’re now projecting gross domestic product (GDP) growth to fall from 3.2% in 2024 and 2% in 2025. In June , the ESR Group projected GDP growth of 1.6% in 2024 and 1.9%

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Housing Wire

APRIL 3, 2024

Millennials replaced baby boomers as the largest group of homebuyers in 2023. Notably, 32% of all buyers in 2023 were first-timers (up from 26% in the prior year), with millennials comprising 75% of this demographic. Similarly, sellers showed a high likelihood of reusing or referring their agents.

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Marketing Buyers Sellers Realtors 526

Housing Wire

MARCH 11, 2024

The suspicion was that there were a bunch of sellers who were waiting to sell: Once rates fell these sellers would come rushing back to this real estate market and we’d finally see inventory grow. Second, because people think of home sellers as being locked-in by high interest rates. That’s 15% growth over the pace of 2023.

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Inventory New Listings Sellers Real Estate 516

Housing Wire

FEBRUARY 20, 2024

Even as money is more expensive and there are more sellers than a year ago, we can also see slight home sales growth over 2023. Dramatically few home sales was the story of 2023. New listings rise New listings continue to show us that more sellers are interested in this market this year. Is it too much inventory?

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Mortgage Inventory Sellers New Listings 514

Housing Wire

MAY 15, 2024

That’s a swing of 17% fewer sellers in just a matter of days. million by October of 2023 (when rates crossed over 8%). FHFA , in its March 2024 research paper, The Lock-In Effect of Rising Mortgage Rates , quantified the degree to which rising mortgage rates slowed housing purchases in 2023. This was a supply-constrained market.

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Mortgage New Listings Inventory Sellers 459

Housing Wire

JUNE 15, 2024

Mortgage spreads The spread between the 30-year mortgage rate and the 10-year yield has been an issue since 2022 and things got worse after the March 2023 banking crisis. If we took the worst levels of the spreads from 2023 and incorporated those today, mortgage rates would be 0.52% higher.

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Mortgage Inventory Marketing New Listings 508

Housing Wire

SEPTEMBER 9, 2024

While not yet reaching the trillion-dollar mark, Miami ‘s total real estate value, including both residential and commercial properties, was estimated at approximately $650 billion as of 2023, according to the Miami Association of Realtors. Each closed over 50 transaction sides in 2023.

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Housing Wire

JULY 29, 2024

That implies a continued slow down for home sales in the second half of the year — fewer buyers and fewer sellers, too. That’ll be a 20% increase over the end of 2023. This year, I’m not expecting that late-year surge, so the growth over 2023 will subside a bit. Sellers seem to be backing off.

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Housing Market Marketing Inventory New Listings 456

Housing Wire

SEPTEMBER 17, 2024

Like the vast majority of the country, the city’s housing market has been stymied by high mortgage rates, low inventory and mismatched expectations between buyers and sellers. 25 statewide in 2023 transaction volume. Sellers think it’s a seller’s market. Everybody feels like they need to fight a fight.

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Housing Market Marketing Sellers Buyers 477

Housing Wire

JUNE 14, 2024

The second occurred in October 2023 when mortgage rates peaked at their highest point since 2000. Data continues to reflect seller-friendly market conditions as the median sale price reached another record high of $439,716 — up 5.1% in May 2023 and close to the record high of 21.7% year over year. That was up from 13.2%

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Sellers Buyers Contracts Brokerage 488

Housing Wire

AUGUST 30, 2024

The Federal Trade Commission (FTC) reported that American consumers lost $10 billion to fraud in 2023, a 14% increase from the prior year. The title industry is committed to combating all types of financial crimes, including seller impersonation fraud, wire fraud, elder fraud, and money laundering.

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Real Estate Insurance Sellers Legal 448

Housing Wire

JANUARY 8, 2024

Based on the trends we can see after the start of the year, I’ll project 2024 will see about 15% home sales growth over 2023. 2023 started with recovery, but slowed down in Q3 as mortgage rates hit 8%. Sellers are coming back There are 499,000 single-family homes unsold on the market now. Home price signals are increasing too.

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Real Estate Marketing Inventory New Listings 508

Housing Wire

SEPTEMBER 12, 2024

While it hasn’t reached the trillion-dollar mark in residential real estate value held by cities like New York and Chicago , Charlotte’s market has nonetheless experienced significant growth, with total property values pushing $200 billion as of 2023. As of Sept. In this type of environment, the cream rises to the top.

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Real Estate Agents Real Estate Agent Sellers 448

Housing Wire

JULY 1, 2024

While there won’t be a big drop off for new listings in July, we can assume we’ll have fewer sellers each week through the rest of the year. We may end the year with roughly 20% more homes on the market than at the end of 2023. Add in the 15,000 immediate sales and that totals 86,000 sellers, which is not very many.

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Real Estate New Listings Inventory Marketing 435

Housing Wire

DECEMBER 9, 2024

Supply growth could also come from more sellers, such as investors or distressed borrowers unloading. However, in most of the country, we have no growth from the seller side. In Florida and Texas, we see the rising costs of insurance , taxes and climate risk driving some sellers. more sellers than the same week a year ago.

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Housing Market Marketing Inventory Sellers 418

Housing Wire

AUGUST 24, 2024

Here are the number of new listings for last week over the previous several years: 2024: 64,595 2023: 54,584 2022: 64,670 Price-cut percentage In an average year, one-third of all homes take a price cut — this is standard housing activity. Weekly inventory change (Aug. 23): Inventory grew from 698,473 to 704,744 The same week last year (Aug.

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Inventory New Listings Sellers Mortgage 503

Housing Wire

AUGUST 22, 2024

In a lawsuit filed Thursday, real estate startup Homie Technologies claims that home seller consumers were not the only ones harmed by the real estate industry’s allegedly anticompetitive practices. Buyers using Homie would receive some or all of any BAC offered by the seller,” the complaint states.

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Housing Wire

NOVEMBER 23, 2024

However, the 10-year yield has managed to maintain its position, and the downtrend observed in the charts since the 10-year yield was at 5% in 2023 is still in place. Mortgage spreads The mortgage spread situation has shown improvement in 2024, in contrast to its negative performance in 2023. Weekly inventory change (Nov.

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Mortgage Inventory New Listings Contracts 514

Housing Wire

JUNE 3, 2024

New listings dry up On the other hand, inventory can’t build too much if sellers don’t sell. There are some signals of seller volume drying up. Seller volume in 2024 had been slowly growing, and I viewed that as an optimistic trend. Seller volume in 2024 had been slowly growing, and I viewed that as an optimistic trend.

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Inventory Contracts New Listings Sellers 516

Housing Wire

JUNE 10, 2024

FHFA in its March 2024 research paper , The Lock-In Effect of Rising Mortgage Rates , quantified the degree to which rising mortgage rates slowed housing purchases in 2023. million fewer home sales between March 2022 and December 2023. Throughout most of the last decade, fewer sellers entered the market each year.

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Mortgage Inventory New Listings Sellers 468

Housing Wire

JULY 10, 2024

The median gross income for Realtors with at least 16 years of experience rose from $80,700 in 2022 to $92,500 in 2023. But for Realtors as a whole, the median gross income fell from $56,400 in 2022 to $55,800 in 2023. The typical Realtor earned 20% of their business from repeat clients in 2023, down from 27% in 2022.

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Realtors Inventory Agents Clients 435

Housing Wire

SEPTEMBER 19, 2024

year over year to $416,700, although that is the slowest gain since September 2023. Higher inventory levels and lower mortgage rates should provide better conditions for the market in the fall, helping both buyers and sellers who’ve been waiting on lower borrowing costs and the end of the election cycle. And it’s 22.7% year over year.

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Inventory Housing Market Inspection Sellers 459

Housing Wire

MAY 13, 2024

If you need to communicate about the real estate market with buyers and sellers, you should join us. It’s the peak season for buyers and sellers. Inventory in 2023 didn’t really accelerate until mortgage rates approached 8% in the fall. There are more sellers now as rates have stayed higher for longer. That’s up 1.5%

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New Listings Contracts Inventory Sellers 501

Housing Wire

APRIL 10, 2024

Perhaps the most striking detail gleaned from a HousingWire analysis of millions of single-family purchase mortgages is how much more homebuyers had to pay in 2023 compared to 2022. The rapid run-up in mortgage rates after years of low rates was a shock to buyers and a disincentive for prospective sellers to list their homes.

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Buyers Mortgage Brokerage Inventory 468

Housing Wire

JULY 20, 2024

The labor market has allowed mortgage rates to stay higher for longer and with the inventory growth this year, I feel much better about rates falling than I did in 2022 or 2023. The seasonal decline in new listings will begin soon and we will see if we get fewer sellers in the second half of the year than the current trend.

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Inventory New Listings Contracts Mortgage 526

Housing Wire

JULY 10, 2024

The companies believe this will help lead to a higher hit rate with buyers and sellers, in addition to passing savings on to them. With home affordability hovering near all-time lows, this consumer savings opportunity is incredibly valuable for both buyers and sellers,” said Homebot CEO Charlie Pratt in a statement.

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Sellers Loan Officers Buyers Technology 431

Housing Wire

APRIL 27, 2024

Active weekly housing inventory growth slowed slightly last week, but it’s still running at a healthier clip than in 2023. Weekly housing inventory data We’ve now had back-to-back weeks of healthy housing inventory growth and spring 2024 is much healthier than spring 2023. Last year, we never hit that target. 2022: 19.2%

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Inventory Housing Market Marketing New Listings 514

Housing Wire

APRIL 30, 2024

“It’s still April, so there could be as many as eight more weeks of seller growth in the spring housing market. And seller growth is happening pretty much everywhere across the country, with Florida and Texas leading the way.” There are two ways to interpret this rise in inventory, according to Simonsen.

Mortgage 448

Mortgage New Listings Inventory Sellers 448

Housing Wire

OCTOBER 29, 2024

31, 2023, and has since reshaped the business practices for real estate brokerages and agents across the country. And it is a little bit early, but some of the preliminary data I have looked at show that sellers are continuing to pay buyer agent compensation.” It is no secret that many first-time homebuyers are struggling.

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Marketing Real Estate Sellers Buyers 448

Housing Wire

JULY 8, 2024

After June 2023, mortgage rates climbed from the 6s into the 7s on the way to 8% by October. New listings show 12% more sellers than a year ago When we look at the new supply hitting the market each week, we see the same trend we’ve had for a few months. There are more sellers than a year ago, but still not a lot of sellers.

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Inventory Contracts Sellers New Listings 482