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Last week, I asserted that housing inventory growth had finished for the year. This week, the available inventory of unsold single-family homes crept up minimally. Housing inventory inches up There were 570,000 single-family homes on the market, or 0.5% Turns out I was wrong! After all, more sellers means more sales in 2024.
The longer we stay with mortgage rates higher, the more inventory will build closer to where it used to be. Higher mortgage rates means more inventory. If mortgage rates fall into the 5s this spring, you should expect the available inventory to decline as demand picks up rapidly. Inventory ticked up this week.
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. But the evidence is the opposite.
As 2023 draws to a close soon, housing inventory has been rising very late in the year. Watch the weekly housing market recap video above to get the latest housing market data download from Altos Research. Watch the weekly housing market recap video above to get the latest housing market data download from Altos Research.
Inventory is slowly but steadily increasing over last year, which means slightly more options for buyers this spring. We have more homes going into contract each week now than we did a year ago — supply and demand are climbing together. Inventory ends higher The year finished with 513,000 single-family homes on the market.
The inventory picture There are now 539,000 single-family homes on the market unsold, which is up 3.2% Housing inventory climbed late in the year as mortgage rates rose. Rates are falling now and if that continues, buyers will jump and inventory will fall well into the first quarter of 2024. than last year at this time.
Those metrics, specifically the pace of new listings and new sales contracts, slowed this week. New listings and new contracts both still show a bit of improvement over 2023, but the growth rates have slid back down. The state of California had 20% more contracts started last week than the same week a year ago. Just 31.4%
New listings and home sales remain low this week while available inventory of unsold homes is finally falling across the country after rising with mortgage rates late into November. It’s looking like we’ll end 2023 with higher housing inventory than this time last year. Inventory is 1.2% higher than last year at this time.
Inventory is inching up. Each week, inventory is increasing just a bit relative to last year. Unless rates dip into the 5s, then I expect demand will pick up so quickly that inventory will drop again. Inventory growth is not spread across the country Inventory is climbing in the south and central US.
Inventory is declining for the holidays There are now 546,000 single-family homes on the market. Inventory is finally declining for the holidays. The last few months as mortgage rates rose, inventory rose too. Rates have stabilized, and inventory if falling into the new year. That’s 1.75% fewer than last week.
Inventory is climbing vs. last year, and home prices have stayed flat for three weeks now. And as demand slows, inventory grows. Inventory is up over last year and is about to turn the corner and start climbing for the spring selling season, probably within a couple weeks. Is it too much inventory?
As mortgage rates remain higher than last year, inventory is higher than last year as well. Higher rates equals higher inventory. Lower rates equals lower inventory. Spring buyers’ market It’s the spring buyers market and inventory is falling each week. And as a result inventory is rising over recent two years.
Each week — for several months now — inventory levels of unsold homes on the market has been expanding compared to last year. Even as inventory declined this week, it’s relatively growing compared to a year ago. This week, inventory fell by half a percent. 14,000 of those new listings are already in contract.
Homes in contract rises There are more homes in contract now than last year at this time. Sales growth is not guaranteed This week there were 56,000 contracts started for single-family home purchases. Home sales grow There are now 276,000 single family homes in contract — 5% more than last year at this time.
Inventory is rising across the country as home-buying affordability takes another hit. As demand slows, inventory grows. As a result, inventory is higher and future sales price indicators are also softer than they were a year ago. Inventory There are now 498,000 single-family homes available unsold on the market around the U.S.
Market Pulse: Identify local market trends in real time with downloadable graphics to use in your marketing campaigns. The market trend evaluation tool tracks price changes and inventory levels while comparing it to buyer demand, allowing the user to gain insights into a property’s investment potential.
Market Condition Adjustments Illustration Fannie Mae guidelines emphasize that adjustments made to comparable sales are based on market changes between the contract date of the comparable sales and the effective date of the appraisal. Follow this link to download a copy to your computer ( [link] ).
To download the Fact Sheet (PDF), Click Here My comments: I would have never become an appraiser in 1975 without affirmative action. The rate lock-in effect is also expected to cool off in the new year, adding more inventory to the market. The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.37
Download the report , or read it below. contraction in GDP for the first quarter. Inventory is increasing, and house prices are up against affordability constraints. The February 2025 Home Data Index (HDI) Market Report shows national quarter-over-quarter home price growth is at -0.2 quarter-over-quarter (QoQ) and rose 4.7%
Download the infographic here. Here’s an overview of why selling your house now may be optimal: Because inventory is so tight and demand is so high, buyers are competing for limited listings as homes fly off the market. Housing inventory still sits far below the six-month supply threshold required to uphold a healthy market.*
Though many individuals are interested in purchasing a home, the inventory of available properties is low. Increasing prices and decreasing inventory often indicate a seller’s market. If the inventory is large, your local area may be in a buyer’s market. What Is a Seller’s Market?
To read more, Click Here To download the 132 page research report, Click Here My comments: I never thought about an adjustment for cash sales. What if there is a contract which stipulates that the buyer will pay the title fee, but that the seller will contribute an amount equal to the title fee as a seller concession? percent from 0.3
To read more and download the full report, click here My comments: Whether or not appraisers are responsible for verifying that an owner has flood or fire insurance is controversial. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.41 percent from 11.0
Download the report , or read it below. Note that due to unprecedented conditions in spring 2020 (due to COVID restrictions) and tight inventory in spring 2021, the year-over-year numbers based upon paired sales in certain rapidly-rising markets (like Phoenix) may be overstated. This was the Fed’s forecast as of mid-December 2021.
If you don’t have time to watch the video, download the presentation slides and scroll through to see if there is anything you want to know about. You can clearly see that inventory is increasing as the number of active listings is growing, and we are not finished with July. That’s what I did. To read more, click here. percent from 5.74
Because in a buyer’s market, there’s more housing inventory and lower prices, giving power to the buyer. This economic decline can cause homeowners to sell their houses if they can no longer afford to pay their mortgages, increasing housing inventory and shrinking the buyer pool. Downloadable Guides. Refinance Guide.
Ultimately, every homebuyer prospect, every contract and every negotiation is unique, but the value you provide should be consistent for all situations and clients. Find your buyer the right home Inventory is scarce, and will likely stay that way for a while.
Is inventory rising, falling or staying the same where you sell homes? The same people live in the same homes and there is virtually zero inventory. The zip code just south of there sells like crazy, has more inventory, low days on the market and high appreciation. What should you know off the top of your head? Choose wisely.
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