Remove 2022 Remove Contracts Remove Marketing Remove New Listings
article thumbnail

Sluggish net new listings signal that the lock-in effect is not over

Inman

In January, the real estate market saw a 17.5 percent decline in net new listings and a 2 percent decrease in contract signings, driven by mortgage rate fluctuations, according to HouseCanary.

article thumbnail

Housing Market Tracker: Mortgage rates and inventory fall together

Housing Wire

The financial and housing markets are still trying to sort out the banking crisis and whether we have seen the last Fed rate hike in this cycle. Active inventory fell 1,109, and new listing data made a lovely comeback week to week but was still noticeably down year over year. In a regular market, they would be closer to 5.25%.

Inventory 442
Insiders

Sign Up for our Newsletter

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

article thumbnail

Buyers are getting cold feet as mortgage rates exceed 7%: Redfin

Housing Wire

of homes that went under contract that month, according to a new report from Redfin. in August 2022 and marks the highest percentage since October 2022, when mortgage rates surpassed 7% for the first time in two decades. below the May 2022 record of $432,780, and is expected to remain elevated for the foreseeable future.

Buyers 414
article thumbnail

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

Housing Wire

Compared to October 2022, existing home sales slumped 14.6%, down from 4.44 Homes typically go under contract a month or two before the closing, which means the October data largely reflects purchase decisions made in August and September. lower than October 2022 when inventory was at 1.22 months in October 2022.

Inventory 404
article thumbnail

Housing inventory falls under 1M again as sales collapse

Housing Wire

And existing home sales crashed in 2022 from a peak of around 6.5 housing market , we just experienced an event that most people never thought could happen. During that period, we saw new listing data decline. The days on market were too low. In one of the most historical years in the U.S.

Inventory 540
article thumbnail

Home loan demand increases despite higher mortgage rates

Housing Wire

The Market Composite Index, a measure of application volume, increased 3.7% In its last meeting in March, the Federal Open Market Committee (FOMC) raised the federal funds rate by 25 basis points, climbing from 4.75% to 5%, its ninth consecutive rate hike. The bottom for 2022 was 240,194.

Mortgage 393
article thumbnail

Existing home sales data shows extent of housing inflation

Housing Wire

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. . Since the summer of 2020, I have talked about what could change the housing market, which was a 10-year yield above 1.94%, which means rates over 4%.

Inventory 450