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New listings surge as the spring buying season approaches

Housing Wire

New listings ticked up by 21% in February compared to last year, according to Zillow ’s February report. New listings rose 20% from January, and each of the 50 largest U.S. metros experienced an increase in new listings. Texas and Florida saw the biggest jump in new listings, year over year.

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New listings data falls for third week in a row 

Housing Wire

New listings data has been moving lower over the last few weeks. The moves haven’t been significant and our weekly pending contracts data picked up this week. But, we need to see more growth in new listings data just to grow from 2023 levels.

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New listings have peaked for 2024: It’s the second-lowest year on record

Housing Wire

One of my critical forecasts for 2024 was the growth of new listings data and active inventory, even with higher mortgage rates. However, the new listings data has slightly disappointed me. New listings data I am pleased that we’ve seen new listings data grow year over year — it’s a big step forward.

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New listings data is growing and prices still aren’t crashing

Housing Wire

The rules of supply and demand economics always end up winning and weekly new listing data is key. New listing data is growing year over year, but it will be the second-lowest new listing data ever recorded in history. This contract data will grow if mortgage rates head lower and stay lower.

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Real estate momentum slows as interest rates rise again: Altos

Housing Wire

Those metrics, specifically the pace of new listings and new sales contracts, slowed this week. Our immediate sales metric of homes that get offers within a couple days of listing also slowed. New listings and new contracts both still show a bit of improvement over 2023, but the growth rates have slid back down.

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Housing demand still showing double-digit growth

Housing Wire

We also see growth in our pending contract data compared to 2022 and 2023. Weekly pending sales The weekly pending contract data from Altos Research offers an insightful look into real-time housing demand. New listings havent hit the numbers I hoped for this year; I got close, but its off by 5,000.

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How are mortgage rates affecting housing demand?

Housing Wire

Weekly pending sales The Altos Research weekly pending contract data provides insights into real-time demand. Even today, the pending contract data remains resilient despite higher home prices and mortgage rates than last year. Still, when it’s all said and done, 2024 will be the second-lowest new listings year in history.

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