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The housingmarket faced some serious obstacles last week as the 10-year yield broke over 4%, mortgage rates rose to over 7%, purchase apps fell again and we are still trying to find the elusive seasonal bottom for housing inventory. My 2023 inventory forecast needs a lot of help, as newlisting data isn’t growing at all still.
One issue that has created a waterfall dive in purchase application data and sales is that newlisting data is declining faster than usual. Since the summer of 2020, I have believed the housingmarket could change in terms of cooling down, but it would require the 10-year yield to break over 1.94%.
Last June, the Federal Reserve said it wanted a housing reset , which meant it wanted higher mortgage rates to destroy the housingmarket. This facilitated the biggest decline in existing home sales for a single year that we will ever see in modern-day history due to the high level of sales in January of 2022.
Here’s the housingmarket rundown for the last week: Purchase application data showed positive weekly growth again — and the bounce from the bottom is more noticeable now. Housing inventory decreased by 6,468 units, a more pronounced decline from the previous week. housingmarket. Weekly inventory change (Jan.
There’s a showdown at the housingmarket corral between homebuyers and sellers. When I came up with the “ savagely unhealthy housingmarket ” 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.
The savagely unhealthy housingmarket theme of mine is running in full force now as we have gotten no relief on home prices and now have a mega jump in mortgage rates. . Since the summer of 2020, I have talked about what could change the housingmarket, which was a 10-year yield above 1.94%, which means rates over 4%.
For buyers, you may want to link to newlistings that fit their must-haves. Or omit the MLS link and tease out the listing with stats and photos in your newsletter, and invite your audience to contact you directly for more information. RealTrends.com Housingmarket data by city and state, agent news, and advice.
As the end of the year approaches, housingmarket predictions for 2022 abound. Fortune reviews various 2022 housing forecasts, focusing specifically on home price growth. Redfin predicts a more balanced residential market in 2022. Predictions for the top housingmarkets of 2022 may surprise you.
It’s beautiful from corner to corner, hence why the Colorado housingmarket is always one to watch. Whether you’re moving to Colorado, selling your Colorado home , or considering a business venture in the state, it’s valuable to first understand the Colorado real estate market. Newlistings are seemingly surging.
The screeching you heard in June was the sound of brakes being applied to the housingmarket across the U.S. The King County housingmarket has seen inventory increase by 55% in the past month, while the number of homes going under contract fell 22% from May to the lowest June level since 2011. Not really sure.”.
When you ask the housing crash addicts why their home-price forecasts don’t work, they usually say we should adjust home prices to inflation, gold prices, or some other silly historical reference that doesn’t apply to modern-day economics. million for active inventory, the housingmarket is balanced.
Seriously though, there must be a ceiling to rising rates that have all but extinguished a robust housingmarket. housingmarket is experiencing a price “correction,” defined as a 10% price drop from its most recent peak. OCTOBER HOUSING UPDATE. List: $3.2M ($703/sq. 1 were both up about 10% month-to-month.
I’m always looking for something new = Shifting Tides in the HousingMarket: A February 2024 Perspective By Kevin Hecht Excerpts: As we navigate through the early months of 2024, the U.S. housingmarket presents a landscape of contrasts and evolving dynamics. Is The HousingMarket OK?
MARCH HOUSING UPDATE The opening months of the Seattle/King County housingmarket can best be expressed as sparks of activity within a mostly tentative purchasing environment. The number of homeowners deciding to sell continues to lag, but inventory and time on market continue to [mostly] climb, reflecting still-hesitant buyers.”
Across the major markets in Texas, our December real estate market update shows clear data points that we are ending the year in one of the strongest seller’s markets we have seen in modern history. . For Texas, this is all great news for our housingmarket. Months of Inventory (1.2
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. He was one of the authors of a recent report that found signs of a housing bubble in the real estate market.
Some might argue the cold is emanating from the near-frigid Q4 real estate market, knocking the bloom straight off the housing-market rose in our region. The county saw a 33% drop in newlistings and a 15% decline in active homes for sale since October. List price: $43M ($5548/sq. Prices declined 5.4%
Almost since the start of the pandemic, homeowners have been spending more time enjoying their low-financed houses and condos. They have also been spending oodles of money to shape their residences to meet new living needs – modern and spacious, when possible – as households live in their homes for longer.
We need to take an approach to the housing crisis that embraces change, is inclusive and extremely productive. BY THE NUMBERS >> The West has suffered the greatest from the housing-market downturn over the past year, according to ATTOM Data Soluti ons, which indicated 23 of the 50 worse-off U.S. Pittsburgh).
It’s a positive shift that could soon reshape the landscape of the housingmarket, offering hope and opportunities for those eager to embark on a new homeownership journey. The 802 newlistings last month were a low not seen since records were archived online from 1990. List price: $6.499M ($1161/sq.
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.
One of the hottest search phrases on Google today is, “When is the housingmarket going to crash?”. Not “ Will the housingmarket crash?” We shared in a previous newsletter the many factors driving our buoyant housingmarket – and there is no end in sight to home appreciation. SEPTEMBER HOUSING UPDATE.
Unfortunately for buyers, a combination of the typical seasonal trend and higher borrowing costs has shifted housingmarket activity to an excruciatingly slow pace – and there are concerning signs ahead. First a look at September’s numbers: A wave of last-chance listings for the year hit the market after Labor Day.
What is true is that every time we lean in and face the headwinds of economic weakness the housingmarket is a welcome refuge.As cities to determine the fastest-rising housingmarkets and two in our area ranked in the Top 25. Inventories are on the rise, so much so that one area is now considered a buyer’s market.
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. With the settlement, a wave of newlistings hit the market in the past several weeks.
Well, thats starting to feel a lot like modern home design. increase to $1.1M, according to the Northwest Multiple Listing Service (chart). FEBRUARY HOUSING UPDATE Is the spring housingmarket already underway? by looking at Januarys Northwest Multiple Listing Service report. The formal dining room? . >>
Warns Danielle Hale, chief economist with realtor.com: “While younger Millennial and Gen Z buyers are expected to play a growing role in the housingmarket, fast-rising prices will create a bigger barrier to entry for the many first-time buyers in these generations who don’t have existing home equity to tap for down payment savings.”.
A modern version of the regrade is taking place along the downtown waterfront (pictured above) with the addition of Overlook Walk, a breathtaking pedestrian bridge and viewing deck that will soon connect with Pike Place Market and other attractions in downtown. topped the list. fewer newlistings, the number of sales rose 1.7%
JULY HOUSING UPDATE The Seattle/King County housingmarket inched forward – and a little sideways – as the number of new and unsold listings continued to expand in June while fresh signs of a slowdown approached. The county saw the combined number of single-family, townhome and condo listings increase in June by 4.4%
Flood of buyers – As I noted last month , Millennials will fuel this housingmarket for at least a decade to come as about 4.5 market during the pandemic – and there is great anticipation for strong demand. The average King County single-family listing sold in May 9.5% months of homes on the market (down from 0.4
I wrote in this newsletter 12 months ago about the bumpy – maybe even bruising – housingmarket of 2022 across Puget Sound and most of the country. Ready to complete another year, the residential real estate market has not improved – some might say it got a little worse. List: $10.25M ($2362/sq. To a happy 2024! =
About 57% of all newhousing was classified multifamily (four or more units in one location). AUGUST HOUSING UPDATE. A sliver of a silver lining developed in our still-hot housingmarket, as King County saw more homes for sale at the end of July than 31 days earlier. List price: $4.698M, $868/sq.
housingmarket underwent five years of changes that are complicating the homebuying process. Emerging from the pandemic, the chronic lack of inventory disrupted the principles of supply and demand, causing housing prices to soar. We will finally see the expansion of listing inventory, but where?
A new door improves curb appeal, adds modern technology to the house and, based on my observations, doesn’t make as much noise as older models! The LGBTQ+ community is estimated to hold $1T (yes, with a T) in potential buying power in the housingmarket, but much of that spending opportunity has not been fully unlocked.
This year was mostly disappointing for buyers and sellers hoping to find a new home. Affordability continues to be the buzzword in the Seattle/King County housingmarket a theme that, sadly, will continue for months or years to come. Housingmarket experts predict 2025 will show a gradual improvement in housing conditions.
The most interesting developments came within the single-family-home category: The number of newlistings in August fell 7.5% in one month, to 2242 homes, according to data from the Northwest Multiple Listing Service – signaling the start of a seasonal slowdown. Those modern beauties include some 3100 units.
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