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Housing inventory growth slows to a halt

Housing Wire

Total housing inventory growth has been slow in 2023, but with rising mortgage rates over the last few months, inventory has grown a bit faster than average. The question now is: Have we hit the seasonal peak in inventory for 2023? Last year, according to Altos Research , the seasonal peak for housing inventory was Oct.

Inventory 437
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Even with low inventory, expect a strong 2021 housing market

Housing Wire

Even prior to the pandemic , housing inventory had hit record lows, and the problem has only gotten worse as demand continues to rise. Total home sales are outpacing new listings by a wide margin every month, and real estate tech company Homesnap foresees the shortage continuing in 2021 unless more sellers enter the market.

Inventory 546
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The 2023 housing market bent, but didn’t break

Housing Wire

Let’s look at the tracker for the week before Christmas and see what the forward-looking data looks like before we open presents. Weekly housing inventory data We are near the end of the year, which means the seasonal decline in housing inventory will take hold until we find the seasonal bottom in inventory in 2024.

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Mortgage rates should drop below 7% as housing demand picks up

Housing Wire

Purchase application data Hello, early Christmas present! Weekly housing inventory data It’s December, which means the seasonal decline in housing inventory is well underway, which means in 2023, I have batted a whopping zero on how much I predicted weekly inventory would grow with higher mortgage rates.

Mortgage 542
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Buyers are overpaying, but are there signs of a bubble?

Housing Wire

Home prices have skyrocketed in the past year, and data from Redfin backs up what buyers, sellers, and agents have known for months. Presented by: LoanScorecard. “This is the strongest seller’s market since at least 2006,” Fairweather said. The national average of home prices rose 14.4% by the end of 2021.

Buyers 545
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Logan Mohtashami’s 2023 housing market forecast

Housing Wire

The 2022 housing market was savagely unhealthy , with all-time lows in inventory leading to massive bidding wars and price spikes until the Fed put a screeching halt to all of it with rate hikes that resulted in the most significant one-year spike in mortgage rate history. Housing Inventory. Home price s. million in 2023.

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Mortgage rates are close to 7%, and may remain so for several weeks longer

Housing Wire

However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.” “Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. Other mortgage indexes show rates ticking down.

Mortgage 332