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As the year draws to a close, available unsold inventory of homes on the market is nearly 27% greater than a year ago. Almost every market in the country has more homes available now than at the end of 2023. Ten states have more inventory unsold than in 2019, which was the last sort of normal year before the pandemic.
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.
Despite the frequency of departures, real estate agents in the state say the housing market remains strong. On the balance, there are still more buyers with their eye on a purchase than there are houses on the market. Statewide, the housing market has a 90-day average Altos Market Action Index score of 44.18 as of Jan.
Florida was one of the hottest destinations during the pandemic, but the states housing market might be coming down to earth. According to a report from Redfin, for-sale inventory at the end of January in Florida was up 22.7% Redfin attributes the rise in inventory to several factors. year over year. year-over-year jump.
Fluctuating interest rates have been a feature of the housing market over the last three years. As mortgage rates rose, homebuyer demand slowed and inventory grew. Our 2025 housing market predictions are based on the assumption that lower mortgage rates will spur demand and boost the number of homes sales transactions.
Rising housing inventory levels in 2024 may not be the positive sign of market health that they appear to be. High inventory levels contribute to another problem as active listings are remaining unsold for longer periods. The report focuses on homes that were on the market for at least 60 days at end of the month.
has experienced two decades of slow but steady housing market growth, paired with inventory growth that has suffered through both the Great Recession and the pandemic. In 2023, total inventory hit 144 million housing units, a 16.7% Americas Boomtowns: Which Cities Grew Housing Inventories the Fastest? increase from 2005.
Housing inventory, which saw an excellent pickup a few weeks ago, has been slowing down and last week we saw a slight decline. Has seasonality finally kicked in or did back-to-back hurricanes slow things enough to influence inventory data? Since then, inventory growth has been slowing down and even declined last week.
“Despite higher mortgage rates in November and persistent affordability challengers, buyers took advantage of more inventory as pending home sales reached the highest level in nearly two years. Buyers appear to be done waiting for rates to fall, prompting them to enter the market to take advantage of higher inventory levels.
And while the slower sales pace may not be great news for real estate professionals, it has resulted in an uptick in inventory , which is good news for homebuyers. For-sale inventory at the end of September was 1.39 month supply of unsold inventory, up from 4.2 million, up 1.5% from August and up 23% from one year ago.
All the housing market data for 2024 is in, and its fair to say that the housing market surprised us again! However, there are two big trends that stand out as we launch into 2025 affordability and sellers in the market. In the last few months, the market finally saw some sales growth over the previous year.
As more properties came ontothe market and overall inventory increased for the 17th consecutive month, the U.S. housing market showed signs of a sustained recovery this spring, according to Realtor.com s March Housing Trends Report. Were seeing a market thats rebalancing, offering more choices for shoppers.
But there may be some improvement on the horizon as newly listed home inventory grew 37.5% more homes were actively listed for sale on a given day in January, following a 15-month trend of higher annualized inventory levels. In total, inventory levels were 10.8% Only 14 metro areas surpassed pre-pandemic inventory levels.
Federal Reserve Chairman Jerome Powell played the Grinch last week for the housing market, sending mortgage rates higher after his remarks at the Fed presser on Wednesday. This positive trend suggests that despite the typical slowdowns, the housing market is showing some promising resilience as we head toward the end of the year!
What will the housing market look like in 2025? We already see many signals for what to expect, including last week’s data on inventory , new listings and price reductions, which I analyze below. For a more comprehensive look, read our 2025 Housing Market Forecast covering home prices, home sales volumes and more.
Redfin cited a number of reasons for this increase in the nations housing inventory, including: The mortgage rate lock-in effect is fading: A number of homeowners who scored low mortgage rates during the pandemic have been staying put because moving would mean taking on a higher rate. But most people cant stay put forever.
Weve now been in the post-pandemic housing market recession market as long as we were in the pandemic boom. Does the housing market start to get back to normal? We know inventory has been climbing all year. We know inventory has been climbing all year. But, the market change isnt evenly distributed.
The housing market in Washington D.C. Will inventory levels skyrocket as federal workers leave? housing market. Weekly housing inventory ramps up What do we see in the data on housing inventory levels in the D.C. According to Altos data, inventory levels were slightly higher during the week of Feb.
housing market is anything but stable right now and residents are feeling it. housing market 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 housing market. ’s job market. more homes on the market than 2024.
The second is in reference to housing inventory. Meanwhile, some analysts believe that hoping for a flood of senior-driven inventory to address the nations housing shortage is more akin to a pipe dream. But these are already relatively more affordable markets with fewer home buying age workers to begin with. housing shortage.
.” A combination of soaring insurance rates and new regulations on condo association reserves and building maintenance work has created a surge in condo inventory in Florida. In particular it’s created a glut of 30-plus-year-old units on the market, with few takers.
Demand for “have-it-all” properties and the “forever dream home” will shape this spring’s luxury housing market, according to the Coldwell Banker Global Luxury 2024 Mid-Year Trend Report , which forecasts growing optimism among affluent consumers and an influx of desirable inventory. of responding specialists agreed.
Realtor.com has revealed its Top Housing Markets for 2025 , highlighting the areas ready for growth in the year ahead. This years list highlights markets characterized by moderately affordable homes, strong inventorymainly boosted by new constructionand a sizable base of younger families, many with military and international connections.
housing market has shown signs of slowing, demand remains strong in key Midwest and Northeast cities, where homes are selling weeks faster than the national average, according to Realtor.com s Hottest Markets Report for February. Inventory is down for us about 33% compared to this time last year. They keep the market healthy.
As high mortgage rates reshape the housing market, existing homes are making up a larger percentage of for-sale inventory, and homebuyers are taking notice. This marked the lowest market share for new homes in three years. market share, while first-quarter 2022 saw a record high of 34.4%. year over year in September.
Despite 2025 housing market predictions changing fast , there are still key themes and trends for real estate leaders to watch to best serve their clients and business. I do not think this trend will go away overnight, even with mortgage rate stability and new inventory in the market. HW: Lets dive into some demographic shifts.
Its hard to imagine something more disruptive to a housing market than a hurricane. 9, housing markets in the Tampa area came to a complete halt as sellers took their homes off the market. 9, housing markets in the Tampa area came to a complete halt as sellers took their homes off the market.
If youre thinking about buying or selling a house and wondering about the housing market, youre not the only one. The real estate market has seen a lot of unusual trends in the past couple of years, so it makes sense that youd want the latest market update before you make any major decisions! Will Interest Rates Go Down in 2025?
Earlier this year, when mortgage rates soared to 7.26%, a cloud of worry hung over the housing market many feared that home sales would tumble in 2025, fueled by concerns about inflation and tariffs. This unexpected turn of events breathed new life into the market, pushing purchase application data into positive territory for the year.
Higher prices, higher mortgage rates and limited inventory are making for a slow market among buyers and sellers alike. Price growth is slowing down so there’s less flippers in the market. Home sales in 2024 have been well below historic norms. But even investors have purchased fewer homes this year. Same with the iBuyers.
The COVID-19 pandemic turned a number of nontraditional cities into housing market hotspots. While some of those markets have since seen a reversal of fortunes, 2025 may bring a few more surprises. Locked-in mortgages have been widely credited with cutting off housing inventory.
For-sale inventory of single-family homes is up 33% from a year ago. While the Fed’s policy rate range of 4.75% to 5% is lower than where it was for the past year, it is still much higher than what many market observers consider a neutral rate needed to spur borrower demand. “We 18 to 6.15% on Tuesday.
Mortgage rates recently hit a year-to-date low, coinciding with ongoing market disruptions from tariffs. The more encouraging story, however, is that the spring season is shaping up positively for the housing market. With a backdrop of market volatility, the spreads got worse last week. Stay alert for breaking news.
Despite that and other positives, the LA wildfires are still making an impact on the housing market at the local and national levels. That was softer than in 2011 when the market was still recovering from the housing crash and Great Recession. Alongside that, inventory levels also showed promise, increasing by 22% during the year.
The housing market got some much needed relief in the fall when mortgage rates began to drop, but it was short lived. The turbulence in rates has trickled down to individual markets like Cincinnati, where real estate agents say they dont know what to expect from sale to sale. A substantial drop in new listings is a contributing factor.
As Baby Boomers age out of their homes, will it help create enough inventory to boost the housing market? As per a recent report from Zillow , it all depends on the specific housing market. So, as a result, the increase in inventory from a silver tsunami might not help that much. In 2022, there were roughly 20.9
We track inventory and home sales very closely, so the biggest surprise this year has been the resiliency of home prices. All the dominant trends in the housing market this year seem like they would indicate home prices declining. Inventory ticked down this week Inventory ticked down to 738,000 from 739,000 last week.
Weekly housing inventory data Last week saw another slight decline in active listing and soon, the holidays will kick in. The seasonal decline is well underway, and it looks like the 739,434 level will be the peak of inventory for 2024. Weekly inventory change (Nov. Weekly inventory change (Nov.
The spring housing market is still trying to spring. There are plenty of weak signals in the housing market, of course. There are plenty of weak signals in the housing market, of course. The unsold inventory of homes on the market across the country is 28% greater than last year at this time.
Existing home sales ended the year on a positive note , which aligns with our weekly Housing Market Tracker data, but something surprising is that home prices firmed up late in the year as well. Active inventory typically decreases at this time of year, but in 2024 it did not drop below 1 million. A few key notes on the charts below 1.
With Q4 in full swing, many realtors are seeing buyers and sellers paralyzed by high interest rates and stagnant inventories. Sean Shallis, a “Recovering Realtor” and top-producing loan officer , is offering strategies to help realtors break through this stagnation by leveraging micro-market shifts to create urgency and inspire action.
While the current focus is rightfully on containing the blazes and protecting residents, its worth taking stock of where housing markets stand in the affected parts of the Los Angeles metro area. Data from Altos Research shows an area with expensive housing, rising inventory and conditions that lean favorable to sellers. million, $3.9
Zillow anticipates a more active housing market with more buyers obtaining the upper hand in 2025. More inventory should shake loose in 2025, giving buyers a bit more room to breathe.” As the market gradually recovers, 2025 should bring more sales and relatively moderate increases in property values. Zillow predicts 4.3
Altos Research tracks every home for sale in the country every week all the active inventory and pending sales as they happen as well as prices and supply and demand metrics Lets look at this weeks data. Inventory fell There are 635,000 single-family homes unsold on the market now. fewer homes on the market that a week ago.
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