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

Inman

percent decline in net new listings and a 2 percent decrease in contract signings, driven by mortgage rate fluctuations, according to HouseCanary. Despite a rise in total inventory compared to 2022 and 2023, the market is still behind historical inventory averages as sellers avoid entering a higher rate environment.

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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.

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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.

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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 The lack of sellers is also a demand problem and what we saw after June of 2022 is that sellers called it quits earlier and faster in the year than usual, resulting in total existing home sales totaling 5,030,000 to end 2022.

Inventory 540
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Housing Market Tracker: Mortgage rates and inventory fall together

Housing Wire

Active inventory fell 1,109, and new listing data made a lovely comeback week to week but was still noticeably down year over year. One piece of good news last week was that the new listing data, which saw a significant collapse two weeks ago, rebounded excellently to return to a usual trend.

Inventory 441
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Home loan demand increases despite higher mortgage rates

Housing Wire

The MBA data shows the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) at 6.55% last week, compared to 6.43% the previous week. The bottom for 2022 was 240,194. Rates for jumbo loans (greater than $726,200) rose to 6.40% from 6.28%.

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Existing home sales data shows extent of housing inflation

Housing Wire

From NAR Research : “Total existing-home sales notched a minor contraction of 0.4% Existing home sales have more legs to go lower, especially now that new listing data is falling. However, seasonality will kick in soon, and it doesn’t look that 2022 will get us there. million in January of 2022. million in August.”

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