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Housing Market Tracker: Inventory drops by 11,000

Housing Wire

The housing market 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. I discussed my theory on why inventory bottoms out later in the year on this HousingWire Daily podcast.

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RISING INFLATION, RATES TRIP UP HOUSING MARKET

Will Springer Realtor

The King County housing market 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. While the number of new listings in June jumped 8.2% While the number of new listings in June jumped 8.2% for the last 12 months.

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Will Springer Realtor - Untitled Article

Will Springer Realtor

Housing inventory nationwide flipped from oversupply to undersupply about a dozen years ago when consumers and the banking industry began to slowly rebound financially from the Great Recession. America’s shortfall is most acute with the most vulnerable, as affordable housing inventory has been shrinking for decades.

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Signs of Inflation Expand Well Beyond Housing Prices

Will Springer Realtor

>> And in a different metric, Seattle-area home prices have risen 55% from December 2015 to the start of this year, according to Case-Shiller, a home-price index from S&P CoreLogic. >> Through February, the number of existing home listings across the U.S. month (or 18 days of inventory), down from 0.9

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HOUSING ‘TRIFECT’ PUTTING SQUEEZE ON BUYERS

Will Springer Realtor

First, let’s set the scene: Housing inventory is shrinking year to year in most parts of the country and there are no signs of significant replenishment over the horizon. King County new listings fell 13% from June to July (2158), led by a 20% slide in Seattle (690). Tickets Tour Modern Homes, Sept. Pittsburgh).

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