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Housing inventory still near record lows

Housing Wire

months’ worth of housing inventory in the U.S. NAR: First-time buyers were responsible for 28% of sales in March; Individual investors purchased 17% of homes; All-cash sales accounted for 27% of transactions; Distressed sales represented 1% of sales; Properties typically remained on the market for 29 days. We only have 2.6

Inventory 518
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Housing inventory is still at a crisis level

Housing Wire

So few single-family homes are for sale in America that just two months of inventory is available across the top 100 metro areas in the country, a historic low. In Dallas, listings under $2 million have less than three months of inventory. Historically, it took these thin markets anywhere from six to 12 months to sell listed inventory.

Inventory 413
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Purchase apps are at 2009 level: where’s the inventory?

Housing Wire

It’s an excellent time to discuss housing inventory. How can housing inventory be so low today when it skyrocketed back in 2009? As you can see below, the inventory keeps falling from 2014 levels, and even with the weakness in demand this year, we are nowhere close to 2013 levels, let alone 2018 levels. What is going on here?

Inventory 492
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Days on market grow despite low inventory for existing homes

Housing Wire

The National Association of Realtors (NAR) reported today on two trends in existing home sales that we have seen for many months now: sales are declining while total inventory data has fallen directly for the three straight months. Total housing inventory fell in this report, the third report in a row that shows total inventory has decreased.

Inventory 459
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Why are existing home prices rising when sales are still so low?

Housing Wire

Existing home sales fell in today’s report , which isn’t surprising, but one headline that shocked some people was that home prices are still up year over year, even with higher inventory and higher mortgage rates. Of course this isn’t the healthiest housing inventory story. million, and in 2007, it peaked at 4 million.

Inventory 472
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ATTOM: 2023 Not a Good Year for Home Flipping

Appraisal Buzz

The report further reveals that as the number of homes flipped by investors declined, so did flips as a portion of all home sales, from 8.6% in 2021, hitting the worst level since 2007. “In Whether the overall market has soared or seen just modest gains in recent years, investors have missed out on the action.” in 2022 to 8.1%

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Have we already reached peak home sales for the year?

Housing Wire

We will be laser-focused on tracking the purchase application data in relationship to the 10-year yield and mortgage rates going out the rest of the year From NAR: Total housing inventory registered at the end of February was 1.07 In 2007, they were 4 million. million units, up 5.9% from January and 10.3% from one year ago (970,000).

Inventory 450