Remove 2014 Remove Construction Remove Inventory Remove Sellers
article thumbnail

Can first-time homebuyers afford homes today?

Housing Wire

While spring of 2022 saw a similar share of all-cash homebuyers, one needs to look back to 2014 before seeing similar shares. Homebuyers placed competitive offers on homes while inventory grew increasingly difficult to find. In March of 2022, sellers received an average of 5.5 Today, the average is 2.7

Realtors 432
article thumbnail

Home prices surge to six-year high in November

Housing Wire

Record low inventory and strong buyer demand once again pushed up the cost of homes in the U.S., November’s numbers mark the greatest annual growth rate since February 2014 and even blew past the 8.4% as prices in November rose 9.5% nationally over the same time last year, according to the S&P CoreLogic Case-Shiller index.

Inventory 544
Insiders

Sign Up for our Newsletter

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

article thumbnail

Can lower mortgage rates stop the housing recession?

Housing Wire

People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% We saw this in 2013-2014 and 2018-2019. They have to move as well, so a traditional seller is a buyer most of the time when it’s a primary resident owner. Traditionally, total inventory ranges between 2 to 2.5 NAR total inventory data.

Mortgage 504
article thumbnail

Rate buydowns are the cat’s meow in today’s market

Housing Wire

It is really a great tool from a seller perspective to say, ‘Look, we don’t control rates, but what I can offer you is something that will offset this shock in interest rates that has happened here in the last nine or 10 months or so,’” Nunziata said. “It in 2022, the weakest showing since 2014.

Marketing 410
article thumbnail

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? If you follow the trend of housing supply since 2014, it’s been falling every year — with a pause in 2018-2019 — and then collapsed lower post-2020. I don’t believe housing inventory below 1.52

Inventory 522
article thumbnail

New home sales are at risk with rising mortgage rates ?

Housing Wire

Second, because of the downtrend in inventory since 2014 and the demand pick-up we will see in the years 2020-2024, we had a risk of home prices accelerating too much. months and above, the builders will pull back on construction. It’s taking forever to build a home and that has created a huge number of homes under construction.

Mortgage 491
article thumbnail

Why housing inventory is so low right now

Housing Wire

Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset. Wait, what?

Inventory 504