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Newlistings data has been moving lower over the last few weeks. But, we need to see more growth in newlistings data just to grow from 2023 levels. 2023 newlistings data was the lowest ever on record, so it’s already a low bar.
Home sellers are starting to ease back into the market, newlistings are finally exceeding the levels of a year ago. It’s a positive development. 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. That’s a 1.2%
All 12 Federal Reserve districts have seen issues with a lack of housing inventory , which is largely due to existing homeowners holding back on listing their homes after previously locking in low mortgage rates. New York – The residential sales market has been strong across the District.
Available inventory of homes for sale is on the rise in late September, which is very unusual for this time of year. In fact, inventory is growing faster than this time a year ago. This is a demand-driven slowdown, because newlistings supply is still running 9% to 10% fewer homes for sale each week than this time last year.
Weekly pending contracts for the past week over the past several years: 2025: 288,605 2024: 297,402 2023: 283,689 Weekly housing inventory data The highlight of 2024 for me was the growth in housing inventory as we began to return to normal levels. Weekly inventory change (Jan. Weekly inventory change (Jan.
After an initial rush to get to market in Q2 2022, newlistings volume fell precipitously. In July 2022, newlistings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. We see the same pattern in the newlistings rate each week.
Let’s dig into the data to understand these developments better. Weekly housing inventory data Inventory hit another one of my target levels this week, making it four times this year! My rule of thumb has been that inventory should have some weekly positive prints between 11,000 and 17,000 as long as rates are above 7.25%.
Weekly housing inventory data Last week was another week that missed my inventory growth model with higher rates. I am always looking for weekly inventory growth between 11,000 and 17,000 when rates are over 7.25%. Rates have fallen recently and inventory growth was higher last week than the previous week.
As such, housing inventory isn’t shrinking. Newlistings are hitting the market Last year was an environment with 5% to 10% more sellers each week than a year prior. This week, the newlistings stat has grown with slightly more sellers. Any inventory growth now is because demand is really weak.
Inventory is past peak for the year, so the momentum looks to keep the trends in a positive direction for now. Inventory drops again There are 736,000 single-family homes unsold on the market in the U.S. The inventory peak came a month earlier than in 2023. Mortgage rates were super high and inventory was building.
Rich Bradford, broker associate with The Bradford Team at RE/MAX One Realty in Haddonfield, New Jersey, said the results for his local market could be even better if so many potential sellers werent locked in by low mortgage rates. Inventory is down for us about 33% compared to this time last year. Its just the way it is.
Weekly housing inventory data We are experiencing a seasonal decline in housing inventory , which seems normal. The positive outlook for housing in 2024 is that we have established a good buffer with our inventory data something we could not do from 2020-2023. I am happy with the inventory growth we are seeing in 2024.
Researchers developed a framework for estimating the number of home sales in 2024 based on the current levels for mortgage rates. We see the same pattern in the newlistings rate each week. We’ve illustrated that shrinking market trend below by showing the average number of newlistings in the first 14 weeks of each year.
Moderation in mortgage rates led to a pickup in demand for residential real estate, but limited inventories across the country hindered actual home sales , the Federal Reserve reported in its Beige Book survey of regional business contacts that was published Wednesday.
Nationwide housing inventory showed a glimmer of recovery toward the end of 2024. But these newlistings aren’t attracting buyers, and pending home sales dropped 4.2% But newlistings are heading in the opposite direction, according to Altos Research data. month over month in January.
We were up year over year in inventory , but we were at a 25 year low on newlistings.” From a seller’s standpoint it may make a bit more sense to sell now, so we are creating some more inventory and buyer are taking advantage of lower rates and more stable home prices.” According to Altos Research, as of Feb.
New construction starts fell to a seasonally adjusted annual rate of 1.331 million units, down 14.8% Department of Housing and Urban Development (HUD). New starts in the Northeast and the Midwest fell 20.6% Housing inventory remained low in January and new homes still accounted for about 30% of all homes available for sale.
If these trends continue for the next few months, we could see a market that is entering into more balanced terrain, with rising inventory and a potential future slowdown in price growth. While the market does not look like it did before the pandemic, we are moving away from the ultrahigh demand, low inventory period we saw in 2021 and 2022.
Although the number of newlistings entering the market is still about 14% less than it was prior to the epidemic, this represents a significant improvement over the 25% shortfall in March. In similar fashion, total for-sale inventory is struggling to escape a deep hole that formed early in the pandemic. 28 New York $680,934 7.0%
According to new Redfin research , more than three in five—an estimated 61.9%—of of homes on the market in May had been listed for at least 30 days without selling. Metro-Level Highlights: Unsold Inventory May 2024 The top 10 U.S. That’s up from 60% a year ago and around 50% two years ago. Miami 76.3% 2.7
New home sales From Census : Sales of new single-family houses in January 2023 were at a seasonally adjusted annual rate of 670,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. However, this isn’t how inventory grows in America.
Currently on Realtor.com , more than 2,000 homes are currently on the market in Knoxville with an average listing price of $270,000. But like the rest of the country, low housing inventory has hit the city hard. The KAAR also said housing inventory dropped for six straight months to start the new year. year-over-year.
With regular reports and data coming out on what’s blocking inventory growth, the biggest factors impacting rates and the latest shifts in home sales, there’s a lot of information out there to help you inject more confidence into your business strategy. Logan Mohtashami: Inventory is still savagely unhealthy.
Builders are taking advantage of the housing market inventory issues , which is why new home sales are growing yearly, even with higher mortgage rates. I often use the term efficient home sellers to describe the home builders in this low inventory environment. Census Bureau and the Department of Housing and Urban Development.
When it comes to the monthly supply of new homes, if the single-family permits and 5-unit permits fall together, construction labor is at risk once the backlog of new homes is completed. From Census : For Sale Inventory and Months’ Supply: The seasonally adjusted estimate of new houses for sale at the end of April was 480,000.
The past year and a half, with its rising mortgage rates , low inventory, and economic uncertainty, has been a challenge for real estate pros, not to mention the buyers and sellers they serve. Make sure you’re ready to share newlistings and that potential clients can easily contact you through your platforms.
Housing demand weakened noticeably as growing concerns about affordability contributed to non-seasonal declines in sales, resulting in a slight increase in inventory and more moderate price appreciation,” states the Federal Reserve’s most recently released Beige Book report — based on data and reports current as of mid-July.
Moreover, 30% of El Paso shoppers are looking at local homes from out-of-state, with top views coming from New York, Albuquerque, and Los Angeles.”. A Redfin statistical study of the El Paso housing market showed a 2% year-over year rise in newlistings (936 from September 2019 to 956 in September 2020) and a gigantic 40.3%
have experienced significant changes, showing a pattern of ongoing development and evolution, according to CoreLogic’s May Home Price Insights report. Further, the Northeast continues to lag behind the states in terms of inventory gains, such as Florida and Texas. Over the past few years, the most popular housing markets in the U.S.
The goal of this type of letter is to promote a newlisting in the neighborhood, to position yourself as the expert by providing information about the listing, and to find more business. Many of us are in sellers’ markets with very low inventory. Inventory is extremely low, and the competition is fierce.
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. So, where do you start? Lets dive in! Summary What is a real estate newsletter?
It also looks at other metrics like NewListings and New Pending Sales as they are often the best indicators for predicting future trends in the market The inventory crisis last year caused demand to spike higher than ever by fall and into the winter, which in turn caused prices to continue to increase significantly.
The real estate landscape witnessed significant developments in 2023, as the New Hampshire market saw a historic low in listings. This scarcity in inventory exerted upward pressure on prices, although it coincided with a 19% decline in sales. Lowest number homes listed in recorded history, decreased by 15.1%
The first is Active Inventory , which is the number of homes actively on the market at a particular time. In most areas, Active Inventory has been increasing steadily since around June 2022. In most areas, Active Inventory has been increasing steadily since around June 2022. New Pending Sales is a “leading indicator.”
The recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” Lawrence Yun, chief economist for the National Association of Realtors® said in September. The number of Active listings is another eye-opener.
It was particularly true on the Eastside, where sales surged 52% from February to March and 9% year-on-year (YoY) and inventory narrowed to under a month (29 days) before all homes for sale would theoretically be under contract if no others hit the market. months (20 days) of available inventory. Inventory stood at 1.3
The 802 newlistings in December was a low not seen since records were archived online from 1990. No other month has fallen below 1000 newlistings in more than three decades of record keeping. No other month has fallen below 1000 newlistings in more than three decades of record keeping. But by how much?
Inventory of homes listed reached a record low by July of 2023 , and mortgage rates increased dramatically, diminishing buyer affordability. Now in 2024, the inventory of homes has been steadily rising, but mortgage rates have recently dipped, so the real estate landscape is still readjusting itself from the frenzied pandemic market.
Fewer NewListings The number of newlistings hitting the markets has continued to fall, mainly because a substantial segment of the market that was both buying and selling has essentially disappeared. The Rise of New Construction Homes New construction is stepping up to fill the void in the market.
fewer newlistings, the rate of sales rose 1.7% Two data points stood out from the latest report by the Northwest Multiple Listing Service: The aforementioned newlistings for all homes in the county – 2684 – is at a low not seen for an August since records were shared with brokers (like me) dating back to the mid-1990s. “I
It also looks at other metrics like NewListings and New Pending Sales as they are often the best indicators for predicting future trends in the market The inventory crisis last year caused demand to spike higher than ever by fall into winter, which in turn caused prices to continue to increase significantly.
Mortgage rates are high, home prices are high, there’s no inventory.” The season has been shaped by slumping newlistings, a slowly climbing number of homes sitting on the market from previous months, fewer closed sales compared to last year and prices moving plus/minus five percentage points year-on-year (YoY).
The Eastside led the way with a 33% drop-off in newlistings (420) and Seattle fell 31% (586). By comparison, there were exactly 2900 newlistings across our county in November 20 years ago. Months of inventory for single-family homes was flat at 1.7 (or Inventory was at 1.9 A typical year will include 5.2M
First a look at September’s numbers: A wave of last-chance listings for the year hit the market after Labor Day. That increased newlistings by 7.5% (2884) and available homes on the market by 12% (3602) between Sept. Seattle alone saw a 29% (1213) monthly increase in newlistings. Single-family inventory is 1.8
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