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The mortgage rate lock-in didn’t start in 2022

Housing Wire

After an initial rush to get to market in Q2 2022, new listings volume fell precipitously. In July 2022, new listings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. million by October of 2023 (when rates crossed over 8%).

Mortgage 332
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Midwest housing markets good for first-time homebuyers: Zillow

Housing Wire

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Headwinds like mortgage rates , low inventory and rising rents are still strong, but easing,” Zillow Senior Economist Orphe Divounguy, said in a statement.

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

Housing Wire

million, according to the N ational Association of Realtors. Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” NAR Chief Economist Lawrence Yun said in a statement. On the bright side, housing inventory rose 1.8%

Inventory 402
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Pending home sales surged in December: NAR

Housing Wire

month over month in December, according to the newest data from the National Association of Realtors (NAR). The trade organization projects a 13% increase in existing home sales between 2023 and 2024 for an annualized pace of 4.62 But new listings activity grew by 9.1% Pending home sales rose 8.3% in November.

Contracts 450
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Compass CEO Reffkin believes agents will still be valued in a post-settlement world

Housing Wire

million net loss reported in Q1 2023. Compass executives, however, were not deterred by this news as the firm yet again finished the quarter free cash-flow positive at $5.9 million, compared to Q1 2023’s free cash-flow loss of $59 million. First, more buyers are using agents in 2023 than in 2003.

Agents 385
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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. This scenario is similar to 2023 when rates fell.

Inventory 483
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Don’t get too excited about the jump in existing home sales

Housing Wire

This is nothing dramatic, but similar to what we saw in 2023 when mortgage rates rose from 5.99% up to 7.25%. Here are some charts reviewing today’s report with a host of data lines from the NAR existing home sales report: [link] A few critical glaring points: active inventory is still historically low, and so is monthly supply data.

Inventory 458