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This unexpected turn of events breathed new life into the market, pushing purchase application data into positive territory for the year. Weekly housing inventory data Spring is finally here, and you know what that means it’s time for the usual inventory boost that happens every year!
If mortgage spreads had not improved in 2024, our discussions about housing would be quite different today especially considering the events of last week. Weekly housing inventory data As we enter the year’s final weeks, we usually see a drop in housing inventory. Weekly inventory change (Dec.
The mortgage rate lockdown premise holds that very few people will list their homes when mortgage rates are this high, thus suppressing inventory. 2024 has had healthy inventory growth despite mortgage rates above 7%. Each time, inventory has squared right into the model as long as rates stay elevated.
Active weekly housing inventory growth slowed slightly last week, but it’s still running at a healthier clip than in 2023. I have a simple model with mortgage rates being above 7.25%: weekly inventory data should grow between 11,000-17,000 per week. We have now seen it for two weeks as inventory grew by 13,247. 2022: 19.2%
Have lower mortgage rates already started to slow down housing inventory? I have a simple weekly growth model with the Altos inventory data: when rates are high, over 7.25%, inventory should grow between 11,000-17,000 weekly. Still, I would consider the last month of inventory growth healthy.
As we look into 2025, the question everyone is asking is: Do we have a new era starting? What can the data today tell us about signals for growth or weakness after the new year? We know inventory has been climbing all year. Inventory is growing Lets start with supply. Inventory shrank every year for most of the decade.
Have we seen the peak in housing inventory for 2024? The best part about 2024 has been that higher mortgage rates have created an inventory buffer, so if the economy gets softer and rates fall, we have many more homes to work with than we had in 2020-2023. Weekly inventory change (Aug. Weekly inventory change (Aug.
According to data from Altos Research, for-sale inventory has risen from 1,864 on a 90-day rolling basis in May to 3,019 today. A substantial drop in newlistings is a contributing factor. 1, weekly newlistings were at 410 but have since dropped to 186, although newlistings tend to drop in December as the holidays approach.
Total housing inventory growth has been slow in 2023, but with rising mortgage rates over the last few months, inventory has grown a bit faster than average. The question now is: Have we hit the seasonal peak in inventory for 2023? Last year, according to Altos Research , the seasonal peak for housing inventory was Oct.
While weekly inventory is still falling, we have year-over-year growth in total active listing and newlistings data. A perfect example was in 2022: when housing inventory rose faster as demand crashed, the percentage of price cuts rose faster. Here is a look at last week: Weekly inventory change (Feb.
Last week we saw a noticeable slowdown in housing inventory growth that I hope has more to do with a holiday week than a trend. Here’s a quick rundown of the last week: Active inventory grew 3,180 weekly , and newlisting data fell week to week and is still trending at an all-time low in 2023.
On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. million in January down to about 4 million in December, We now have total inventory levels near all-time lows again. During that period, we saw newlisting data decline.
Summer is here, and housing inventory is finally growing! The spring housing inventory was like a zombie rising from the grave, very slow, but the summer is showing some promise and let’s hope it continues. Here’s a quick rundown of the last week: Active inventory grew 8,886 weekly.
Housing inventory finally broke under 2022 levels last week. To give you an idea how different this year is from last year, last week in 2022, active listings grew 30,940 while this year they only grew 5,848. Since May 15, that trend has continued to the point that inventory in America is now negative year over year.
These events led to lower mortgage rates and increased purchase application data last week, but decreased housing inventory. Active inventory fell 1,109, and newlisting data made a lovely comeback week to week but was still noticeably down year over year. In a regular market, they would be closer to 5.25%.
Housing inventory increased by 1,339 homes nationwide. The weekly data shows some good news for the housing market ! The weekly inventory data, which had fallen faster than I had anticipated the last few weeks, has now seen a slight uptick. Weekly housing inventory. Weekly inventory change: (Jan.
In addition, this is the fourth straight month of inventory declining, while days on the market are growingl! “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. . Plus, available housing inventory remains near historic lows.”
Things are hapenning fast with mortgage rates, which is why I update HousingWire’s Mortgage Rate Center page with analysis every weekday morning — looking at how the bond market reacts to economic data or an event that can move rates. Weekly housing inventory data Usually, I would jump for joy at last week’s inventory growth.
Mortgage spreads were a negative storyline in 2023, as the collapse of Silicon Valley Bank and the resulting banking crisis pushed them to new cycle highs. We haven’t had any banking crisis events this year, and the Federal Reserve is starting its rate-cut cycle soon. Weekly inventory change (Aug. Weekly inventory change (Aug.
Active housing inventory grew while newlisting data fell. Here’s a quick rundown of the last week: Active inventory grew 8,041 weekly. Weekly housing inventory This year’s housing inventory theme has been a walking dead musical chorus of a zombie trying to escape a grave. 6% for a year.
If so, what will this do to inventory levels? Given our current economic data and without a new critical global event, this range should stick. Weekly housing inventory data The positive story for housing in 2024 has been the inventory growth we have seen year-over-year. But will mortgage rates keep heading lower?
When I came up with the “ savagely unhealthy housing market ” label in February of this year, it was based on the premise that the housing inflation story that we have had to deal with since 2020 was a historical event. Inventory, which has been falling for years, broke to all-time lows in 2020. million today.
After the series wraps, join us on February 6 for the HW+ Virtual 2023 Forecast Event. 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.
The housing market madness persisted last week as inventory fell and higher mortgage rates took a bigger bite out of purchase application data. Weekly housing inventory decreased by 6,801, while newlisting data is still negative year-over-year. Weekly inventory change (Feb. Weekly inventory change (Feb.
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.
Inventory, NewListings and Pending Sales Overview Newlistings increased by 7.9% more newlistings compared to last year. Newlistings are still 23.3% Inventory (the number of listings active at any time during the month) in May increased by 7.4% Inventory levels are 33.8%
Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the data for this year, along with a roundtable discussion on how these insights apply to your business. The event is exclusively for HW+ members , and you can go here to register.
metropolitan areas in February 2022, based on year-over-year growth in median listing price according to the residential real estate listing website, Realtor.com. The table also reports the year-over-year percent change in newlistings for each market. Table 1, below, reports the 10 hottest U.S. Bellingham, WA 51.7% -8.3%
Existing home sales have more legs to go lower, especially now that newlisting data is falling. A traditional primary resident seller is also a buyer, which means if they don’t list, they’re not just taking a potential home to be bought off the table — they’re taking a future sale off the books as well. million to 1.28
On the other hand, inventory is still low, and homes are still selling fast, often with multiple offers. The number of newlistings coming on the market this spring is lower than it has been in more than a decade. Sales and new pending contracts are below pre-pandemic levels. Buyer disappointment. Selective sellers.
Members of the MLS added 10,428 newlistings to supply in October, up 24% from last year, but pending home sales were only at 11,039. In October, there was less than a month’s worth of inventory in this market. Join today with an HW+ Membership ! Already a member? appeared first on HousingWire.
More expensive money also meant fewer investors holding homes so inventory would climb too. The price of newlistings continues to rise, which is a very bullish indicator for sales prices in the coming months. Inventory will inch up… but not much. This year, the numbers aren’t that straightforward.
For months I have been saying we were going to have challenging comps from October to January because last year at this time mortgage volume was rising — a rare event this late in the year. Since they were distressed forced sellers, inventory skyrocketed in 2006 and stayed very elevated in 2007 and 2008. Total inventory levels.
Even though inventory has been increasing, many home buyers are still sitting on the sidelines, with some likely waiting for mortgage rates to decrease before they make a purchase, a report from Zillow shows. According to the firm’s data, newlistings have increased nearly 13% since last year.
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.
Real estate agents in the leafy suburbs of Bergen County, New Jersey say the current housing market — with historically low inventory and record-high prices — is actually more challenging than the multiple offer chaos they sweated through during the pandemic. “At Even if we get more listings, it is not going to be enough for people.
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. Newlisting data collapsed, but we are putting an asterisk on that data line for this week.
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If I am wrong and mortgage rates go lower for longer and we don’t get more newlistings in 2024, then home prices can grow faster in 2024 because we will have the same issue as before: too many people chasing too few homes. So, this is something to consider only if we see an increase in stressed inventory.
Insurance and inventory An alarming statistic is that most homeowners in these areas are not insured by the private insurance market or by the National Flood Insurance Program (NFIP). metro areas, 13 have had positive inventory change since 2019. In stark contrast, there was average inventory decline of 32% at the national level.
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.
If an uptick in housing inventory and more favorable interest rates materialize in 2025, you’ll still need to find creative ways to generate buzz for your listings and expand your client network. Listing and marketing properties is a complicated process. Listing and marketing properties is a complicated process.
We have brought down expenses and continue to grow our agent count and inventory advantage,” Reffkin said. We found that more than 99% of newlistings in March included offers to pay the buyer’s agent. Furthermore, more than 96% of all listings included offers of 2% or more, and more than 67% are offering to pay 2.5%
We already had very thin inventory and some of our deals are dead because houses have been ruined. Newlistings and pending home sales data from Altos Research captured the housing markets around Asheville coming to a screeching halt. There were 775 newlistings in Tampa on Sept.
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