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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.
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 , newlistings 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.
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.
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!
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.
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. Additionally, our weekly pending contract data and newlistings are trending positively compared to last year.
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.
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 newlistings is a contributing factor.
Weve now been in the post-pandemic housing market recession market as long as we were in the pandemic boom. As we look into 2025, the question everyone is asking is: Do we have a new era starting? Does the housing market start to get back to normal? But, the market change isnt evenly distributed.
Home listings fell in neighborhoods hit by the wildfires, too. Listings slowed a bit in Februarybut not nearly as much as sales. There were 23 newlistings in the Palisades, down 12% year-over-year, and 46 newlistings in Altadena, down 6%. What Regional Markets Are Gaining Momentum?
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. A few states have more homes on the market now than any time in the last eight to 10 years.
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. LAs housing market has largely stabilized after the turbulence of the post-pandemic years and the rapid rise of mortgage rates beginning in 2022.
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. Among specialists, 32.8% elections. “A
The haunted house ride with the bond market and mortgage rates continued this week, but one housing data line hasn’t been spooked. Newlisting data appears unafraid of the mortgage rate ghost story over the last few months. In the same vein, the bond market is now very oversold.
Prospective homebuyers have more options to choose from in the housing market, which could help spur sales this spring. Newlistings ticked up by 21% in February compared to last year, according to Zillow ’s February report. Newlistings ticked up by 21% in February compared to last year, according to Zillow ’s February report.
Newlistings data has been moving lower over the last few weeks. But, we need to see more growth in newlistings data just to grow from 2023 levels. 2023 newlistings data was the lowest ever on record, so it’s already a low bar.
Fluctuating interest rates have been a feature of the housing market over the last three years. 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. How will the housing market change as these economic assumptions change?
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. There’s still a lot of first-time homebuyers in the market too. They keep the market healthy.
24): Inventory fell from 569,898 to 565,875 The all-time inventory bottom was in 2022 at 240,497 The inventory peak for 2024 so far is 739,434 For some context, active listings for this week in 2015 were 1,104,310 Newlistings data While active inventory didn’t rise, we did get a nice boost in newlistings this last week.
One of my critical forecasts for 2024 was the growth of newlistings data and active inventory, even with higher mortgage rates. However, the newlistings data has slightly disappointed me. Newlistings data I am pleased that we’ve seen newlistings data grow year over year — it’s a big step forward.
Zillow also reported that, after a tumultuous five years, many measures of the housing market are trending closer to historic norms. Notably, while the flow of newlistings to the market is still nearly 14% lower than it was before the COVID-19 pandemic, its much improved to compared to the deficit of 25% in March 2024.
The New Years week was expected to be slow, so it’s no surprise that newlistings and sales are down. The Christmas and New Year’s holidays fell on Wednesdays this year, which messes up two full weeks in terms of getting home sales done and tracking the numbers. fewer homes on the market that a week ago.
All the dominant trends in the housing market this year seem like they would indicate home prices declining. With just a few local market exceptions, home prices nationally will finish the year up again and will go into 2025 with some upward momentum. As a result, we’re now only 21% fewer homes on the market than this point in 2019.
The housing market in the state of Florida saw higher median home prices, more real estate listings and a higher number of active listings during the month of January, according to data released Thursday by Florida Realtors , a state-based trade organization for real estate professionals.
housing market. more homes on the market now than a year ago. By the end of May there were 38% more homes on the market than the year prior. California and Arizona have 45% more homes unsold on the market now than a year ago. Texas only has 31% more homes on the market. Unsold newlistings amount to 4.8%
There are three big trends in the spring 2025 housing market: Supply continues to build. This is measurable in both the total unsold inventory and the number of newlistings each week. Thirty-five percent of the homes on the market have taken a price cut from the original list price. That implies price pressures.
This situation contrasts with the challenges the market faced in 2023, during the banking crisis when the Federal Reserve was still raising rates. However, this year, mortgage spreads are getting better, meaning that the damage from higher bond yields is getting limited compared to the market of 2023. Weekly inventory change (Jan.
There were 45,000 newlistings for single-family homes across the country this week, which is a big jump. Unlike a lot of forecasters in the mortgage world, a few months ago our projection included the notion that with strong jobs data and some inflation fears, the bond market could indeed push mortgage rates over 7%.
Newlistings were unchanged at 54,077. Redfin considers four to five months of supply as balanced, with a lower number suggesting ideal sellers market conditions. Days on the market increased by six days year-over-year to 45 days, indicating a less competitive market. points year over year.
Both the weekly new contracts and all the homes in the contract pending stage are below last year. This housing market is on hold until mortgage rates come down. Some markets are much slower than others. Inventory is up There are now 632,000 single-family homes unsold on the market around the U.S. When will that be?
The rules of supply and demand economics always end up winning and weekly newlisting data is key. Newlisting data is growing year over year, but it will be the second-lowest newlisting data ever recorded in history. This is much different than what we saw in 2023. This is going to be a crazy week, folks.
Boston-based negotiation platform Final Offer announced the launch of its new Private Exclusive Listings (PX) feature this week. The new platform will be available in all markets that Final Offer operates in. Matching listings appear on the client’s saved search channels, alongside MLS listings.
The spring housing market is still trying to spring. Newlistings volume is trying to grow with its biggest week since September. List prices inched up for the week, though sales prices did not advance. There are plenty of weak signals in the housing market, of course. Withdrawals keep a lid on inventory growth.
The hardest position to take in analyzing the housing market is one that is contrarian and bullish. When everyone knows that the housing market is sluggish and weak, but the data shows surprising strength. Another tricky part of communicating this news is that home sales aren’t suddenly great. The market is different now.
Does this indicate that the housing market is beginning to wake up just in time for spring? It kicked off the week around 4.24%, took a dip to about 4.11% amid a whirlwind of market and economic drama, and then made a sharp turnaround. The 10-year yield took us on quite the rollercoaster ride. ” Labor over inflation, anyone?
short-term rental market. This recovery will be fueled by sustained demand growth and a marked slowdown in new supply. As the market matures, the winners will be those who leverage precise, data-driven insights to adapt to shifting trends and capitalize on the strongest opportunities, said Jamie Lane, SVP of Economics at AirDNA.
Over the last two months with economic uncertainty, the bond market has responded and the yield for the 10-year treasury has declined by 60 basis points from 4.8% The thing to keep in mind for the housing market as we roll into March is that mortgage rates have been easing down. There are 193,000 on the market.
Prospective buyers have been cautious because theyve seen homes sitting on the market and theyve heard interest rates and prices may drop. When the market isnt competitive, some buyers think they should wait for costs to go down, said Jordan Hammond, a Redfin Premier agent in Raleigh, NC. The market had 5.2 The market had 5.2
The share of homes on the market with price reductions ticked up this week, which is unusual this early in the season. Potential home sellers notice weak demand, fewer offers and price reductions, prompting them to back away from the market. If potential sellers avoid the market, this will keep a lid on supply growth.
However, last week saw a decline in mortgage rates due to softer economic data, which led to an influx of money into the bond market as stocks sold off on Friday. Since 2022, whenever mortgage rates have approached 6% it’s because the bond market is concerned about the economy slowing down. Weekly inventory change (Feb.
While assessing the full scale of the damage could still take months, the short-term effects on the two state’s housing markets were immediately visible — the markets came to a complete halt. However, newlistings snapped back sharply to 82 just a week later. 20, then bottomed out at 14 on Oct.
Inventory of unsold homes on the market ticked down fractionally this week. 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. of the homes on the market have taken a price cut from the original list price.
Remember that 2023 had the lowest newlistings data ever and 2024 will have the second lowest. Here are newlistings for last week over the past several years: 2024: 62,876 2023: 57,229 2022: 59,458 Price-cut percentage In an average year, one-third of all homes take a price cut — this is standard housing activity.
The housing market in Washington D.C. housing market. Newlistings remain low as owners lock in Altos’s data for newlistings accounts for single-family homes that come to market without an immediate or pending contract. In total, 502 single-family homes hit the market, followed by 457 condos.
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