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Those metrics, specifically the pace of newlistings and new sales contracts, slowed this week. Our immediate sales metric of homes that get offers within a couple days of listing also slowed. Newlistings and newcontracts both still show a bit of improvement over 2023, but the growth rates have slid back down.
Newlistings 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. Home prices will also be up and we have more homes under contract than we did at the end of 2022. We want newlistings volume to show growth.
More newlistings could help boost sales We saw 58,000 newlistings added to the housing inventory this week, with 9,000 of those already under contract. That’s more new sellers this year than the same week a year ago, signaling a tiny improvement in our supply-starved housing market. What does that mean?
There are now 247,000 single family homes in contract. That is 4.25% more homes in contract now than last year at this time. Newcontracts up Newcontracts were 13% more than last year during the first week of January. If they have buyers, the price of the newlistings spikes up quickly.
Newlistings each week, which were record few last year, are growing now. Newlistings volume climbing I want to start today with the newlistings volume, which is notably finally climbing over last year’s anemic levels. There were 66,000 newlistings this week, of which 14,000 are already in contract.
Home sellers are starting to ease back into the market, newlistings are finally exceeding the levels of a year ago. The market had about 49,000 newlistings this week. 9,000 of those are already in contract. Leaving 40,000 Newlistings to add to the market which is about a 5% increase versus last year.
There were 7% more new sellers this week than the same week a year ago. There were 44,000 newlistings for single- family homes this week, plus another 11,000 immediate sales which were listed and are already in contract. Download the free Altos eBook: “How to Use Market Data to Build Your Real Estate Business”
Newlistings To watch whether supply and demand might get out of balance with higher mortgage rates, keep an eye on the newlistings volume this spring, not just the total inventory. There were 59,000 newlistings unsold this week. The median price of the newly listed cohort this week is $420,000.
Newlistings rise Newlistings continue to show us that more sellers are interested in this market this year. With just under 50,000 newlistings unsold coming to the market this week, that’s now 16% more than the same week a year ago. Each week, the percentage gains over a year ago keep improving.
Each week, there are more newlistings than a year ago, allowing inventory to build and eventually leading to more home sales this year than last. And sure enough the number of newcontracts started this week dipped. With 59,000 new home sales started this week, that’s 2% fewer than last week. Almost 1% dip.
Newlistings, seasonally adjusted 526,740 1.6% Total homes for sale, seasonally adjusted (active listings) 1,636,415 -0.3% Median days on market 37 3 6 Share of homes sold above final list price 30.2% -3.1 ppts Average sale-to-final-list-price ratio 99.3% -0.4 Newlistings, seasonally adjusted 526,740 1.6%
You’ll need to enroll in and complete the following TREC-approved, qualifying real estate courses: Principles of Real Estate I Principles of Real Estate II Law of Agency Law of Contracts Promulgated Contract Forms Real Estate Finance Each course is 30 classroom hours, for a total of 180 hours. Do they use lawn signs and postcards?
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