article thumbnail

The mortgage rate lock-in didn’t start in 2022

Housing Wire

After an initial rush to get to market in Q2 2022, new listings volume fell precipitously. In July 2022, new listings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. million by October of 2023 (when rates crossed over 8%).

Mortgage 349
article thumbnail

Midwest housing markets good for first-time homebuyers: Zillow

Housing Wire

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. The increase in new listings this spring, due both to new construction and to more homeowners choosing to sell, will give buyers more options and help to ease price growth.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Pending home sales surged in December: NAR

Housing Wire

month over month in December, according to the newest data from the National Association of Realtors (NAR). The trade organization projects a 13% increase in existing home sales between 2023 and 2024 for an annualized pace of 4.62 But new listings activity grew by 9.1% Pending home sales rose 8.3% in November.

Contracts 448
article thumbnail

Compass CEO Reffkin believes agents will still be valued in a post-settlement world

Housing Wire

million net loss reported in Q1 2023. Compass executives, however, were not deterred by this news as the firm yet again finished the quarter free cash-flow positive at $5.9 million, compared to Q1 2023’s free cash-flow loss of $59 million. First, more buyers are using agents in 2023 than in 2003.

Agents 351
article thumbnail

Existing-home sales have nowhere to go but up in 2024? 

Housing Wire

million, according to the N ational Association of Realtors. At the same time, existing inventory has likely already bottomed out and new listings are keeping steady despite normal seasonal declines. Existing-home sales dropped 4.1% in October from the prior month , reaching a seasonally adjusted annual rate of 3.79

Inventory 389
article thumbnail

Don’t get too excited about the jump in existing home sales

Housing Wire

This is nothing dramatic, but similar to what we saw in 2023 when mortgage rates rose from 5.99% up to 7.25%. Our data lines here at Housing — which track things weekly — show inventory is growing year over year with new listings growth as well. This means 2024 is starting to look a lot like 2023 unless rates fall soon.

Inventory 438
article thumbnail

November 2023 South Florida Housing Report

Lamacchia Realty

november 2023 south florida housing report Broward County In November of 2023, Broward County single-family homes as well as c ondos/townhomes saw decreases in closed sales and pending sales, but increases in average price and new listings. Similarly, new listings are up 13% when compared to this time last year.