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Days on market grow despite low inventory for existing homes

Housing Wire

The National Association of Realtors (NAR) reported today on two trends in existing home sales that we have seen for many months now: sales are declining while total inventory data has fallen directly for the three straight months. NAR lists the current inventory at 1.22 million, with a peak in 2007 a tad over 4 million.

Inventory 459
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Why are existing home prices rising when sales are still so low?

Housing Wire

Existing home sales fell in today’s report , which isn’t surprising, but one headline that shocked some people was that home prices are still up year over year, even with higher inventory and higher mortgage rates. Of course this isn’t the healthiest housing inventory story. million, and in 2007, it peaked at 4 million.

Inventory 472
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Existing home sales lay the path for the 2024 housing market

Housing Wire

From the National Association of Realtors (NAR): Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 0.8% The marketplace data told us we had no stressed sellers in 2023. NAR: Total housing inventory at the end of November was 1.13 months in Oct.

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With mortgage rate volatility, buyers can save by shopping around

Housing Wire

The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage jumped 40 basis points to an average of 6.70% this week, the highest level since 2007. There is more inventory relative to demand, and deals can be found. Still the seller’s motivation is the key factor for whether to drop the price or not.

Buyers 448
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Price Adjustments in Florida Rise Rapidly

Lamacchia Realty

As you can see in the chart below, Florida has the highest shift in rising inventory over the past twelve months. Source Condo inventory has been rising more than single families as sales have been decreasing since 2023. Source Inventory rises when more sellers are listing than buyers are buying.

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Price Adjustments and the 2023 Market

Lamacchia Realty

PRICE ADJUSTMENTS AND THE 2023 MARKET In March 2022, it was clear that the market was changing from a frenzied post-pandemic scene to one where it was assumed that rising mortgage rates would slow it down and help inventory finally rise back up. Inventory didn’t increase at the rate most assumed it would. It means they’re down.

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Is Now the Right Time to Sell Your Home in Texas? An In-Depth Analysis

Listing Spark

National Landscape: Indications of a Seller’s Market As detailed in a recent article by Matt Carter published on June 9, 2023, a national sentiment heavily favoring sellers prevails 1. “The housing market has tilted sharply in favor of sellers amid increasing demand and ongoing low housing inventory.”