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New listings data unfazed by 8% mortgage rates

Housing Wire

New listing data appears unafraid of the mortgage rate ghost story over the last few months. Unlike last year, when new listings data had a noticeable move lower once mortgage rates reached 6%, 8% mortgage rates haven’t had any noticeable impact on the latest new listings data.

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Redfin: New Listings Continue to Increase, Bringing Some Buyers Back to Market

Appraisal Buzz

homes for sale climbed 5% during the four weeks ended March 17, the biggest year-over-year uptick since May 2023, according to Redfin. As of March 17, there were roughly 795,645 active listings. There were roughly 88,902 new listings added during that same four weeks – and increase of 15% and the biggest increase since June 2021.

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Housing inventory defied all predictions in 2023

Housing Wire

Going into 2023, people thought housing inventory would skyrocket, home prices would crash, and we would see the housing market of 2008 all over again. Looking back on 2023, the inventory story was a big surprise even as mortgage rates headed toward 8%, as the data below will show. 9, 2022, and they’ll be ready for what’s coming next.

Inventory 510
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New listings take a hit, possibly due to higher mortgage rates

Housing Wire

Did the recent move in higher mortgage rates impact the new listings data more than normal? I hope this isn’t the case, but we had a noticeable move lower in new listings last week. Weekly active listings rose by only 6,618. The Fed spoke at Jackson Hole last Friday but that didn’t move mortgage rates much.

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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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Mortgage rates helped by the Fed’s moderate stance

Housing Wire

However, whenever the 10-year yield falls with duration, as we saw toward the end of 2022 and into 2023, it sends mortgage rates lower, and we can grow sales from these record-low levels. Purchase application data Purchase application data really moves on mortgage rates — something we saw in late 2022 and into 2023.

Mortgage 510
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The 2023 housing market is at odds with itself

Housing Wire

The number of new listings coming on the market this spring is lower than it has been in more than a decade. Sales and new pending contracts are below pre-pandemic levels. What can we expect in 2023? At the same time, there are some key trends I think will characterize the housing market in 2023. Selective sellers.