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housingmarket is anything but stable right now and residents are feeling it. housingmarket using weekly data from Altos, which includes more than 60 different data points on every metro area in the country, to see how employment is changing the housingmarket. ’s job market. housingmarket.
Could the loss of jobs in the government sector and the withdrawal of funding from the economy significantly increase the unemployment rate and a surge in jobless claims? However, if we focus on government workers and government contractors, it’s likely that the unemployment rate will rise in 2025.
Fluctuating interest rates have been a feature of the housingmarket over the last three years. Our 2025 housingmarket predictions are based on the assumption that lower mortgage rates will spur demand and boost the number of homes sales transactions. Were only two months into the newgovernment policies.
The housingmarket in Washington D.C. is being closely watched amid widespread layoffs of federal government workers. Sweeping cuts by Elon Musks DOGE agency have sent many government employees packing, while other staff need to find housing in the area to comply with return-to-work mandates. housingmarket.
housingmarket. more homes on the market now than a year ago. As we approach that threshold of old levels of unsold homes on the market, it raises those questions about home prices. Newlistings To get a lot of homes on the market though we need some sellers. Unsold newlistings amount to 4.8%
Does this indicate that the housingmarket is beginning to wake up just in time for spring? I’ve noticed that housing data tends to improve when mortgage rates drop from 6.64% to 6%, especially when I adjust for seasonal demand. ” Labor over inflation, anyone? Weekly inventory change (Feb.
The spring housingmarket music is playing, and purchase application data and active listing inventory rose together last week. Here’s a quick rundown of the last week: Active listing rose 8,260 week to week, down a bit from last week’s gain, but I’m not complaining — anything on the plus side is positive.
We regard this metric, the percentage of homes on the market with price reductions from the original list price, as a leading indicator for future sales prices. Looking backward at the housingmarket , we can see sales prices are not appreciating compared to 2024. A shrinking U.S. The economy slowed, so rates fell.
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. However, I am grateful we even saw some traditional spring inventory growth this year because newlisting data is trending at all-time lows.
As more properties came ontothe market and overall inventory increased for the 17th consecutive month, the U.S. housingmarket showed signs of a sustained recovery this spring, according to Realtor.com s March Housing Trends Report. of listings, the largest percentage for any March since at least 2016.
The housingmarket was crazy again last week. 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. I am hoping it’s just a one-week event.
New Redfin data reported the largest gain since the end of last year occurred in the four weeks ending February 2, when newlistings of homes for sale in the U.S.increased 7.9% A larger pool of options is becoming available to homebuyers as a result of the increase in newlistings and the decline in sales.
Last week was wild, and not just for the housingmarket. We had a 21st-century bank run on Silicon Valley Bank and then the federal government took action over the weekend to stop the contagion. Weekly inventory fell by 6201 , and newlisting data is down noticeably from last year, which was different than last week.
While high prices deter some buyers, more sellers are entering the market, giving buyers more options. Newlistings rose 12.7% Matt Ferris, a Redfin Premier agent in northern Virginia , said many sellers believe the market has peaked and want to cash in. year-over-year in March, the largest increase in 11 months.
Next, Furth dives deeper into the primary issues facing the housingmarket. housing policies have made it more difficult to build new homes in certain areas due to overly restrictive zoning. But it still will take more than zoning changes to turn the market around. He believes that U.S.
According to Fannie, the slimming in projections by the Economic and Strategic Research (ESR) Group are a result of supply chain disruptions and labor market tightness, which “impede the housingmarket.”. Overall, the government sponsored enterprise forecasts that purchase mortgage originations will increase by 6.3%
As we can see below, we are more than double the lows we saw in March of 2022, when I had already deemed the housingmarket savagely unhealthy. We should see the seasonal bottom soon and then the traditional increase in active inventory to match the growth in newlistings data.
Agents and LOs are grappling with heavily damaged housingmarkets in the Southeast. Housingmarkets in the Southeast are reeling from a one-two punch of devastating hurricanes that are believed to have caused at least $100 billion in damage. There are no appraisal substitutes with government loans either.
In May 2022, the Florida Legislature introduced a new condominium safety law, which mandates more rigorous inspections and stronger financial reserves for HOAs. Before the new law was enforced, many condo associations were investing their reserves in government-insured instruments, sacrificing their liquidity to generate a return.
Because there were more smaller properties listed this year, the median list price was lower than it was the previous year. These markets have not demonstrated any noteworthy patterns in terms of rising inventory, lengthening time on market, or decreasing or softening pricing as of February. Active listings +27.5% -23.1%
Even with rates spiking, the newlisting data hasn’t created another new leg lower. If the government is open) If we don’t have a government shutdown , the week ahead will be jobs week again! Last week, according to Altos Research : Weekly inventory change (Sept.22-29) The week ahead: It’s jobs week! (If
Borrowers’ demand increased for conventional and government loans, up 4.50% and 1.20% from one week earlier, respectively. Both conventional and government home purchase applications increased last week. According to Logan Mohtashami, lead analyst at HousingWire, active and newlistings fell two weeks ago based on Altos Research data.
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.
Keeping HousingMarket Results From The Public Is Never Justified: An Expansive View. When the Covid-19 crisis began halfway through March, the Manhattan housingmarket was placed on “pause,” as were many housingmarkets around the country. Hiding DOM as a marketing strategy.
The point of the editorial seemed to be to scaremonger over government programs to help home buyers and student loan borrowers. So, the author tried to use new construction prices from back in April to describe the whole U.S. housingmarket now. That’s frankly surprising given how cold the housingmarket froze last fall.
While affordability remains incredibly challenging, the housingmarket is improving for buyers nationally, said Orphe Divounguy, Senior Economist at Zillow. Some of the strongest buyers markets are in the Southeast, where builders have been able to keep up with demand. Newlistings increased by 2.8% from last year.
Census Bureau data on housing inventory estimates details two cycles this decade – the onset of the pandemic and the rise of interest rates – that have been catastrophic for the nation’s for-sale housing inventory. We got an early test in December and January when the FOMC forecasted rate cuts in 2024.
15] The following are the only forms of primary photo identification accepted: A current government-issued driver’s license U.S. Lead Gen As a new agent, make it a priority to pick a brokerage that is committed to helping you with marketing and exposure. You’ll want to ask how the brokerage promotes agents’ listings too.
That’s not saying much since the housingmarket has mostly been in hibernation during the fall/winter months. Pending sales are one of our favorite housingmarket data points – along with the number of mortgage applications and newlistings – to track buyer intent and market intensity.
Where I disagree with Yun is this: We have more inventory because demand has been softer, and we have more newlistings this year compared to last. Inventory is growing, and home price growth is cooling down from the savagely unhealthy housingmarket of 2021 and early 2022, but it is not enough to crash home prices nationally.
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). monthly decline in available Seattle listings (793). on the Eastside.
The Seattle/King County housingmarket appears to have come through the worst of times with a slightly stronger showing in January than in previous months. And, despite the rise in newlistings, the number of homes still on the market on Feb. The federal government updated inflation numbers on Feb.
The region’s real estate scene in 2023 will be remembered for rising home prices and scant newlistings. As the year dims, all eyes fixate on 2024’s potential: a hopeful dance fueled by dreams of lower rates and a wave of new homes for sale. The housing initiatives will take years to reap benefits for residents.
A patch of foul weather and persistent economic challenges chilled an already cold housingmarket. The Northwest MLS monthly housing report described it best: “December ends with a ‘whimper’”. The bar is so low on listings and sales data that one might trip over it. CONDO NEWS. LUXURY LIVING.
housingmarkets. The national median family income rose just 4% from 2019 to 2020, according to the Department of Housing and Urban Development, while most home prices are jumping each year by 10% or more. The image was taken from a drone above The Parc, a condo in Belltown, where I am promoting one of my newlistings.
Many local governments permit at least one dwelling unit with the main residence and some locales accept an attached and detached unit on the same property. The cities of Seattle and Renton offer pre-approved ADU designs to help streamline the government-approval process which can often be onerous. I have written on this topic before.
Worsening affordability issues and lower-than-usual inventory have prompted many consumers to watch this housingmarket from the sidelines – without the picket lines. October figures from the Northwest Multiple Listing Service strongly suggest prospective buyers and sellers are taking a wait-and-see approach. We expect U.S.
For the most part, we can celebrate the standards established by state and local governments as they evolve into the second century. The first successful zoning laws were established in 1916 to determine building heights in New York City, soon followed by the zoning of residential and business districts.
today – may hold the keys (literally and figuratively) to the housing conundrum. Baby Boomers still have a significant impact on various aspects of society, including the housingmarket, healthcare and the economy. Baby Boomers – those born between 1946 and 1964 who total 72M in the U.S. But for how long?
Let’s just hope government leaders and other influencers remember to bring everyone along for the ride. DID SOMEBODY SAY, ‘HOUSING BUBBLE?’. Are we in a housing bubble? The housingmarket has become bubbly,” said economist Enrique Martinez-Garcia of the Federal Reserve Bank of Dallas. housingmarket is unrealistic.
Three housing-related topics are of prime focus: Lot Splitting – a process that would allow property owners to split part of their lot of land to have a new buildable area of at least 2000 sq. The market is now in the process of thawing after a lengthy cool down, as buyers begin anew to seek change in their home dynamics.
years, according to recent data, when it was only about five years just before the housingmarket crash of 2007. Forget investing in a new home, you might want to look at kitchen and bath suppliers and remodelers as wise investments! The so-called rate-lock effect is prompting many homeowners to remodel over a move.
Take this example, courtesy ListReports, based on a conservative $300,000 loan and when the interest-rate difference was a half percentage point: A typical mortgage in King County could easily be double the amount in the above example, and the Mortgage Bankers Association reported in late January the average new mortgage hit a record $441,100.
We’ll have new incentives, and quite frankly, this will inform our budget,” he said. We are charting new territory and success will be measured by creativity and collaboration. Local government, developers, architects and others will need to step up and take responsibility for the sake of our city.
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