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Federal Reserve Chairman Jerome Powell played the Grinch last week for the housingmarket, sending mortgage rates higher after his remarks at the Fed presser on Wednesday. Weekly pending sales The latest weekly pending contract data from Altos Research offers an exciting glimpse into the real-time dynamics of housing demand.
The 2022 housingmarket was savagely unhealthy , with all-time lows in inventory leading to massive bidding wars and price spikes until the Fed put a screeching halt to all of it with rate hikes that resulted in the most significant one-year spike in mortgage rate history. Housing recession. That would be a positive for demand.
Active housing inventory grew while newlisting data fell. This dynamic changed the housingmarket from one where home sales were crashing to one that is now stabilized. 9 is a critical date because that’s when the housingmarket turned. I explain how this happened in this recent podcast.
Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housingmarkets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housingmarkets. Aspen, Colorado. This content is exclusively for HW+ members.
The financial and housingmarkets are still trying to sort out the banking crisis and whether we have seen the last Fed rate hike in this cycle. These events led to lower mortgage rates and increased purchase application data last week, but decreased housing inventory. In a regular market, they would be closer to 5.25%.
Last week was relatively calm for the housingmarket after the fiasco of the banking crisis. Housing demand grew and inventory levels fell again while mortgage rates rose. Active inventory fell by 3,141, and newlisting data fell again and is still trending at all-time lows. Mortgage rates rose to 6.57%.
On the one hand, elevated mortgage rates continue to erode buyers’ purchasing power, and in some markets, home prices are falling. All major housingmarket metrics point to a restrained housingmarket. The number of newlistings coming on the market this spring is lower than it has been in more than a decade.
We have often discussed that the housingmarket dynamics changed starting Nov. The other big story with housing inventory is that newlisting data has been trending negative year over year since the end of June 2022. We had newlistings growth from 2021 to 2022, but that’s not the case this year.
This article is part of our 2022-23 HousingMarket Forecast series. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the top predictions for this year, along with a roundtable discussion on how these insights apply to your business. months nationally.
This article is part of our 2022 – 2023 HousingMarket Update series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 HousingMarket Update. As a result, inventory declined with few newlistings and a surprising number of buyers. Currently, 33.9%
The housingmarket was crazy again last week. Mortgage rates fell as the banking crisis got worse and purchase application data grew for the second week in a row, but the big question is: Did we hit the seasonal bottom in housing inventory? Weekly inventory increased by 1,734. I am hoping it’s just a one-week event.
Going into 2023, people thought housing inventory would skyrocket, home prices would crash, and we would see the housingmarket of 2008 all over again. We created this weekly tracker at the end of 2022 to give people a live weekly outlook on everything that drives the housingmarket and which factors to follow.
In 2022, mortgage rates got as high as 7.37%, so the question was: how low do rates have to go for housing demand to get better? On June 16, 2022, I put the housingmarket into a recession , which is where housing demand, housing jobs, housing income and housing production all drop.
This article is part of our housingmarket update series. At the end of this series, you can join us on May 10 for a HousingMarket Update webinar. The impact on housingmarkets. The post 5 updated predictions for the second half of the 2022 housingmarket appeared first on HousingWire.
HousingWire Lead Analyst Logan Mohtashami appeared on CNBC‘s Squawk on the Street on Wednesday to talk about the health of the housingmarket , and more specifically about today’s pending home sales data. However, he noticed another notable decline in listing since mortgage rates really peaked above the 7% range.
HousingWire Lead Analyst Logan Mohtashami appeared on CNBC ‘s Worldwide Exchange on Wednesday to talk about the health of the housingmarket , explaining the effect of high mortgage rates and low inventory on existing home sales. credit rating and its affect on the housingmarket.
We all needed some rest from the crazy housingmarket we’ve experienced in recent years. Like most markets across the country, the Cleveland area housingmarket has been red hot for the past few years. How have the rapidly increasing mortgage interest rates impacted the housingmarket in Northeast Ohio?
However, the housingmarket did run into one problem in 2020. Inventory levels broke to all-time lows and thus created massive housing inflation quickly, which broke my model. I knew housing would be OK as long as home prices only grew at 23% over five years — 4.6% This means less demand for housing.
Weekly housing inventory data — both active inventory and newlistings — are prone to one-week moves that deviate from a trend, especially if people are going Easter egg hunting. So, the fact that active inventory and newlistings data fell last week isn’t a big deal. However, for now, this is a plus for the U.S.
This is a byproduct of the qualified mortgage rule of 2010, which has been a game-changer not only for the housingmarket but for the overall U.S. NAR: Total housing inventory registered at the end of March was 1.11 million active listings per the last report, we have 526,000 per our last HousingMarket Tracker article.
On a positive note, however, the days on the market are no longer a teenager anymore: that metric grew from 18 days to 21 days. I cheer because the savagely unhealthy housingmarket theme I talked about back in February of this year was the same premise of the housing reset talking point the Federal Reserve uses.
Our housingmarket tracker counts weekly active single-family listings, those homes that aren’t in the contract, and the raw available number of homes for sale. Our tracker articles have a lot more details about the current weekly market and we publish those each Saturday.
While weekly inventory is still falling, we have year-over-year growth in total active listing and newlistings data. We might have an average year in housing compared to the past four years! For the first time in a while, this was a good week for newlisting data. What is all this data pointing to?
As you can see in our newlisting data, we are showing growth. The existing home sales print is catching up to our data, and this, to me, is the best story for housing in 2024 because when the housingmarket was savagely unhealthy in 2022, the NAR total active listings data was below 1 million.
Weekly housing inventory data One substantial positive story for 2024 is that we have more housing inventory year over year. I am a very pro-housing supply person and will feel much better about the housingmarket when we return to pre-COVID-19 levels for total active listings.
Now, new home sales have benefited more from lower rates than the existing home sales market: this trend in that data started over two months ago. This article is meant to help you understand how to read the new home sales data correctly, as that forward-looking tracking data is a bit different than the existing home sales market.
9): Inventory fell from 550,302 to 536,409 The inventory bottom for 2022 was 240,194 The inventory peak for 2023 so far is 569,898 For context, active listings for this week in 2015 were 1,050,971 The newlisting data has been trending at the lowest levels ever for 17 months now. Weekly inventory change (Dec.
I want to make this article very simple to understand. Newlisting data has been at historically low levels for the past few years. There are many new homes that have been permitted but yet to be started as builders are mindful of higher rates. percent (±10.3 percent (±10.5
The right open house strategies will generate leads and establish your brand presence in high-demand neighborhoods among your most desired clientele. We share some open house ideas to help you do just that, taking you through the planning, staging, marketing, hosting and follow-up for your open house events.
In this article, weve compiled 49 compelling real estate newsletter ideas and subject lines. We’ll also share best practices for developing and sending real estate newsletters and recommend some essential tools to make your email marketing stand out. For buyers, you may want to link to newlistings that fit their must-haves.
The newlisting data has been trending at the lowest levels ever for over 12 months now. To understand how I look at mortgage rates, the Fed, and the 10-year yield, I wrote this article last week to give a more detailed view. Will higher rates extend the inventory season, or are we going into the traditional seasonal decline?
SmartZip is also a solution to help you streamline your marketing efforts, keeping you in front of potential sellers and positioned to win newlistings with its automated marketing. This snapshot can give you insight into how home values are performing for the market you want to focus on.
As the end of the year approaches, housingmarket predictions for 2022 abound. Fortune reviews various 2022 housing forecasts, focusing specifically on home price growth. Redfin predicts a more balanced residential market in 2022. Predictions for the top housingmarkets of 2022 may surprise you.
The Texas housingmarket has been a focal point of attention for potential buyers and sellers alike, especially as we approach 2025. The shifting dynamics within this local real estate landscape raise critical questions about home prices, inventory levels, and overall market trends. How Are Home Prices Changing in Texas?
In this article, we’ll take you through the Texas real estate licensing process step-by-step, sharing the costs, time commitment and all the details you’ll need to launch your new career. Lead Gen As a new agent, make it a priority to pick a brokerage that is committed to helping you with marketing and exposure.
That’s not saying much since the housingmarket has mostly been in hibernation during the fall/winter months. Pending sales are one of our favorite housingmarket data points – along with the number of mortgage applications and newlistings – to track buyer intent and market intensity.
In 2021 , we saw houses receive multiple offers and sell for thousands of dollars over asking price within hours. Now as 2022 starts to wind down, a lot of people are trying to forecast how the housingmarket will turn out in 2023. For an in-depth walkthrough of setting up auto-fill Database fields, check out our Help article.
This marks the introduction of a new feature. Each month, this blog will publish a fresh assessment of the King County area housingmarket. A patch of foul weather and persistent economic challenges chilled an already cold housingmarket. I hope you enjoy reading this monthly report.
The screeching you heard in June was the sound of brakes being applied to the housingmarket across the U.S. The King County housingmarket has seen inventory increase by 55% in the past month, while the number of homes going under contract fell 22% from May to the lowest June level since 2011. Not really sure.”.
Seriously though, there must be a ceiling to rising rates that have all but extinguished a robust housingmarket. housingmarket is experiencing a price “correction,” defined as a 10% price drop from its most recent peak. OCTOBER HOUSING UPDATE. That’s the first time a Fed official has acknowledged the U.S.
And with the biggest inventory spike in nearly 3 years experienced in February, it looks like the market is starting to heat up. The housingmarket just saw its biggest inventory spike in nearly 3 years “Newlistings for homes for sale climbed 12.9%
On Tuesday the FHFA House Price Index hit an all-time high. In this article I’ll explain why this is happening and why we still have a savagely unhealthy housingmarket. The quick takeaway here is that total active listings in the U.S. This is also why we created the weekly HousingMarket Tracker article.
It’s a positive shift that could soon reshape the landscape of the housingmarket, offering hope and opportunities for those eager to embark on a new homeownership journey. The 802 newlistings last month were a low not seen since records were archived online from 1990. But by how much?
In this article, we will recap what exactly happened to the real estate market in Texas last year and discuss some predictions for the rest of this year. Forced life events like death, divorce, job loss or transfer were the driving factors bringing resale homes to market.
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