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Housing Market Tracker: Inventory finally rises

Housing Wire

Since 2020, the seasonal bottom for housing inventory has arrived several months later than normal, making it more complicated to track housing inventory data. Still, we have some promising signs that we might have finally hit the inventory bottom for 2023.

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Housing inventory falls under 1M again as sales collapse

Housing Wire

On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. million in January down to about 4 million in December, We now have total inventory levels near all-time lows again. During that period, we saw new listing data decline.

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Housing inventory still near record lows

Housing Wire

months’ worth of housing inventory in the U.S. If we are trending below 4 million — a possibility with new listing data trending at all-time lows — then we have much weaker demand than people think. For some historical context, back in 2011, this data line was 101 days. Unsold inventory sits at a 2.6-month

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Agents in Illinois grapple with the state’s housing inventory shortage

Housing Wire

Real estate professionals throughout the state attribute the resilience of the state’s housing market to its perpetually low inventory problem. Inventory is almost nonexistent,” said Melissa Kingsbury , a Redfin agent who works in the southwest suburbs of Chicago. “If As of Feb. Across the state, as of Feb. 1 through Dec.

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Will mortgage rates keep heading lower? 

Housing Wire

If so, what will this do to inventory levels? Moving the needle doesn’t take much since we all know we have buyers ready to go and home sales are at record lows. Weekly housing inventory data The positive story for housing in 2024 has been the inventory growth we have seen year-over-year.

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Have we found the bottom in existing home sales?

Housing Wire

In addition, this is the fourth straight month of inventory declining, while days on the market are growingl! “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.”

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Existing home sales are working from a historic low bar

Housing Wire

Remember, with median sales prices and inventory, it’s very seasonal. Something notable about this report: Total active listings as the NAR tracks them almost broke under 1 million again. However, remember, the dive in inventory is normal at this time of the year. Below are charts with today’s report and the trend.