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Unsold inventory is rising across the country

Housing Wire

There are more homes on the market now than anytime since August 2020. This number will probably peak at about 700,000 this summer, crossing over 2020 levels at that point. New listings climbed during the past week and there are now 72,000 more single-family homes on the market. immediate sales).

Inventory 511
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Altos: Sellers are coming back to the housing market, can buyers keep up?

Housing Wire

New listings each week, which were record few last year, are growing now. New listings volume climbing I want to start today with the new listings volume, which is notably finally climbing over last year’s anemic levels. There were 66,000 new listings this week, of which 14,000 are already in contract.

Sellers 350
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Where are home prices headed this spring?

Housing Wire

I like to point out that consumers are more sensitive to changes in mortgage rates than to the absolute levels, and since rates are now basically unchanged for the month, just easing down from the early March peak of 7.2%, sellers and buyers are tip-toeing back into the market. Inventory will cross over 2020 levels by July.

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Buyers showing renewed interest in condos

Housing Wire

share in June 2020 and the 20.2% above its asking price, that means it was listed for $301,872, said Daryl Fairweather, Redfin’s chief economist. “Many buyers who have been priced out of the market for single-family homes have turned to condos,” Fairweather said. share in June 2019. If a condo sold for 0.7%

Buyers 424
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Home price signals point to flat growth

Housing Wire

By the end of the summer, it looks like inventory will finally be back above 2020 levels. In the video above, you can see in the inventory chart how this year’s trajectory is climbing and looks like it’ll cross the 2020 levels by July. In 2022, however, there were 105,000 single-family homes listed for sale in the first week of May.

Inventory 392
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Pending home sales surged in December: NAR

Housing Wire

It was the largest monthly jump in pending home sales since 2020. For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity. New home sales , another measure of contract signings, rose 8% in December on the back of declining mortgage rates. But new listings activity grew by 9.1%

Contracts 445
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How this week’s Fed meeting could impact inventory

Housing Wire

While inventory is growing across the country, some markets are way more impacted and already have more homes on the market than in 2019 or 2020 just before the pandemic. Lower rates mean more buyer competition and less unsold inventory. New listings Last week, 59,000 new single-family listings came to market.

Inventory 384