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One reason that home prices have stayed elevated is that inventory nationally is still restricted. But if current trends continue, the inventory shortage will be effectively gone by next spring. In fact, while home prices are higher than a year ago, inventory has increased at the rate price appreciation has decreased.
As mortgage rates rose, homebuyer demand slowed and inventory grew. Were only two months into the new government policies. Is it pent up shadow inventory for people whove delayed moving for three years? This inventory increase is from the new listings. Today, home sales still remain super slow. Is it economic vibes?
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.
As more properties came ontothe market and overall inventory increased for the 17th consecutive month, the U.S. In the top three markets experiencing a reduction in pending home sales, Virginia Beach, VA (-14.2%), which has a high proportion of federal government employees, and Jacksonville and Miami (-15.1% Remarkably, with a 7.9%
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. Will inventory levels skyrocket as federal workers leave? Lets dive in.
Inventory on the Rise While the nations housing inventory remains a challenge, a recovery is underway, with the number of homes for sale in November notching the highest mark since December 2019. regions continued to see active inventory grow over the previous year. In November, all four U.S. in the West, 18.9% in the Northeast.
Weekly housing inventory continues upward Is inventory in the D.C This week’s inventory data gives us a vantage point into this weeks market dynamics. Inventory for single-family homes in the D.C ’s inventory level compared to 2024. Data and common sense show that federal job cuts are stressing D.C’s
The spring housing market music is playing, and purchase application data and active listing inventory rose together last week. The fear of not having an increase in inventory this spring should be put to rest. Since 2020, the seasonal inventory bump has happened later than usual — not until March or April.
Weekly housing inventory data The best story for housing is the housing inventory growth we’ve seen since the historically low levels we saw in 2022. Last week we had slight growth week over week, and we should be starting the seasonal increase in active inventory now. Weekly inventory change (Feb.
And with government stimulus in the form of direct transfer payments, mostly forgiven PPP loans and low rates, we blew past and through all our metrics, as home prices increased at a rate not seen in recent U.S. You have probably heard that low housing inventory got us into this mess. history. .
Government refinances accounted for a large part of the decrease, dropping 12% over last week.” While near-term purchase application activity has weakened, we continue to expect housing demand from younger homebuyers to support purchase growth over the next few years as for-sale inventory loosens gradually.” the previous week.
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 new listing data fell week to week and is still trending at an all-time low in 2023.
Inventory of unsold homes on the market ticked down fractionally this week. Its not uncommon for January to have a little up and down in the inventory numbers. If inventory were jumping each week, that would be notable, but its not. At this time, of year theres new inventory and new buyers are shopping. A shrinking U.S.
It boils down to two factors, according to housing-industry experts: a lack of housing inventory , or supply; and high demand for that limited housing stock — which also is fueling a jump in new-home sales. In other words, if there were more inventory, we would have more sales happening.” through the first quarter of 2024.”
properties sold at foreclosure auction, showed that this trend is being fueled by rising levels of inventory on the retail market. Data from Altos Research found that the inventory of single-family homes for sale was up 40% year over year at the end of July.
With mortgage rates briefly topping 8% and home prices breaking records throughout the year, many would-be sellers simply decided not to bother listing their homes, exacerbating already tight inventories. This squeezed inventory even further throughout 2022 and 2023, pushing home prices to record highs month after month.
No matter where you are in the state, real estate agents in Virginia are facing low inventory conditions that are creating frustrating scenarios for their buyers. “I According to Tiller, the tight inventory has caused homebuyers to spend up to six months searching for their new property, roughly double the time it took prior to the pandemic.
As much of the nation continues to reckon with critical shortages to housing inventory that exacerbate affordability woes, housing advocates in California are seeking to exempt homebuilding projects in urban areas from being subjected to a key climate law that critics say has slowed construction. The law was signed by then-Gov.
Last weeks level of purchase applications was its highest since the end of January, driven by a 3% increase in conventional purchases, while government purchase applications were down 2%, said Joel Kan , MBAs vice president and deputy chief economist.
Communities across the country, particularly those that are popular among retirees, are seeing an influx of older residents as a “silver tsunami” — based on population rather than housing inventory — prepares to wash over them. But from our perspective, how does government provide services?”
A key source of affordable housing inventory was cut in half over the last three years, resulting from well-intended but heavy-handed efforts to keep delinquent borrowers in homes. That key source of affordable housing inventory: distressed properties sold to third-party buyers or repossessed by lenders at foreclosure auction.
“Buyers remained active in the purchase market , helped by gradually improving inventory conditions and a more positive outlook on the economy and job market. Meanwhile, government loan activity increased across all loan types, excluding U.S. The refinance share of all mortgage activity sank by 10 basis points (bps) to 46.7%.
In the realm of housing, the term “ silver tsunami ” often refers to the idea that older homeowners will aim to downsize and sell their homes, theoretically flooding the market with new inventory. But from our perspective, how does government provide services?” It’s nice, people want to come here to live and retire.
In addition to lower rates, purchase activity continues to be supported by sustained housing demand and inventory that continues to grow gradually in many markets,” Kan added. Government loan activity saw a slight jump. Refinances accounted for 46.8% of all applications, up 810 basis points (bps) from the 38.7%
“As inventory recovers, the housing market is very slowly tilting toward more balance between buyers and sellers. Modest down payments often used by first-time buyers or those with government-backed loans also increased but remained below 2022 peaks. For all of 2024, buyers put down an average of $29,900, or 14.4%
For now, though, the low inventory means housing starts have legs to move higher. Existing home inventory is also at all-time lows. Existing home inventory is also at all-time lows. Unsold inventory sits at an all-time-low 2.5-month Keep this rule of thumb in mind for the future, below 4.3 Existing Home Supply.
Demand at distressed property auctionsfor both foreclosure auctions and bank-owned (REO) auctionshas drifted lower to end 2024 as market headwinds such as rising retail inventory and higher-for-longer mortgage rates intensified for the local community developers buying at auction.
Application activity was slightly weaker, primarily because of a 7% decline in refinancing across both conventional and government loans, said Joel Kan, MBAs vice president and deputy chief economist. Purchase activity decreased slightly, but applications for FHA purchase loans were a bright spot, increasing by 2%.
This hybrid summit brings together leaders from the federal government, private sector, and housing industry to discuss the critical role of independent mortgage banks in the housing finance ecosystem. Census Bureau Manufacturing and Trade Inventories (Thursday) U.S.
As inventory recovers, the housing market is very slowly tilting toward more balance between buyers and sellers. However, if for-sale inventory fails to keep up with increased buyer demand, down payments could climb once again as the result of increased competition. In the fourth quarter of 2024, down payments were 3.4
Weekly housing inventory data One of the things I got wrong this year is that I believed if mortgage rates stayed higher for longer, active inventory would grow between 11,000 and 17,000 for at least some of the weeks; that hasn’t happened recently with higher rates — close but no cigar. Last year, the seasonal peak was Oct.
Housing Market Supply and Demand: An analysis of housing inventory trends and construction pressures affecting pricing and availability. Dr. Conerly’s analysis included interest rates, inflation, and the Federal Reserve’s strategic direction, with insights into consumer behavior, government spending, and construction.
Limited inventory, supply chain disruptions and concerns about inflation have led economists at Fannie Mae to lower their mortgage origination forecasts for the remainder of this year and into 2022. The reason for the slowdown stems from a problem that continues to persist: a lack of inventory. trillion from the $4.36
“I was going to stay out of the market, but really low prices on properties is keeping me in,” said one survey respondent, reflecting the minority view that is helping to boost demand in markets with lower-priced distressed inventory. The supply of REO auctions followed a similar pattern, albeit at a lower level.
The prediction by one of the nation’s leading marketplaces for distressed assets, is based on a survey of some 50 Auction.com clients, including private-sector mortgage servicers and government-sponsored enterprises (GSEs). How borrowers can stay afloat with home equity products during difficult economic times. Presented by: Altisource.
Leaning on data primarily can allow people to be both contrarian and bullish, he said, and the slightly downward trend of sales data might cause people to lean into the fear theyre feeling either from inflationary expectations or recent government policy moves. That will depress demand, while indications lean on modest increases in inventory.
“This is just one of many ways HUD is empowering residents, industry leaders, and governments to expand access to innovative, affordable housing solutions, particularly in rural communities.”
” Khater added that purchase application demand is improving, but very low inventory is the major obstacle to higher home sales. Lower rates led to an increase in refinance applications, with government loan applications jumping 10 percent to the highest level since May 2021.”. increase from last year at the same time.
For most parts of the country, home prices are holding steady since available inventory is extremely low,” Yun said. In turn, purchase inventory levels have stayed low in most markets. Housing inventory is about a quarter of what it was in 2008,” Yun said. A normal spread would revive the economy.
Weekly housing inventory data The best part of 2024 for me is watching housing inventory grow year-over-year. We should see the seasonal bottom soon and then the traditional increase in active inventory to match the growth in new listings data. Here is a look at last week: Weekly inventory change (Feb.
A new report from the Government Accountability Office (GAO) concluded that while institutional investors may have contributed to rising home prices since 2009, the actual impact they have had on homeownership opportunities is more difficult to assess.
A recent study by the National Association of Home Builders found that regulations imposed by all levels of government on new homes account for $93,870, or 23.8%, of the current average sales price ($397,300). To illustrate how costs have soared , the $35,872 is on top of the $93,870 imposed by the government.
“The recent trend of rising interest rates has dampened homebuyer demand and allowed the inventory of homes for sale to improve,” Andy Walden, ICE’s vice president of enterprise research strategy, said in a statement. months of supply, inventory is still historically low and indicative of a seller’s market. Today, with 3.3
In the game of housing crisis Rochambeau, we play with income, inventory, and policy. Inventory cannot beat inadequate incomes, but better compensation policies can. Drawing on these trends as guides, it becomes evident that new inventory would be impotent in the crisis, slipping into the same unyielding snare of income inequality.
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