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Housing inventory falls under 1M again as sales collapse

Housing Wire

From NAR : “December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates ,” said NAR Chief Economist Lawrence Yun. However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.” During that period, we saw new listing data decline.

Inventory 540
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Why home-price growth is still up 18% year over year

Housing Wire

However, we haven’t had a credit sales boom like the one we saw from 2002-2005. Total Inventory had been growing from 2001-2005; total listings data in 2005 was at the higher historical range of 2.5 million listings. I don’t need to see total active listing get back to the historical range of 2-2.5 From Redfin.

Inventory 397
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Existing home sales data shows extent of housing inflation

Housing Wire

Even though this was a beat of estimates, the sales decline trend due to higher mortgage rates and home prices continues. The savagely unhealthy housing market theme of mine is running in full force now as we have gotten no relief on home prices and now have a mega jump in mortgage rates. . million in August.” million in August.”

Inventory 477
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November Housing Update

Will Springer Realtor

and jump in mortgage rates of 4 percentage points has created a housing market belly flop. Among all home types in King, new listings have fallen 26% in the past month and existing homes for sale at the start of November were down 8.1% But the number of new listings in the county is down 18% in the same period.

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FED’S ACTIONS TAKE STEAM OUT OF HOUSING MARKET

Will Springer Realtor

At what point will mortgage interest rates peak? While investors of mortgaged securities help dictate their interest rates, the Federal Reserve is behind the scenes influencing the overall lending environment. When you raise [mortgage] rates to the point they’re at today, it breaks the back of housing.”.