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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. The increase in new listings this spring, due both to new construction and to more homeowners choosing to sell, will give buyers more options and help to ease price growth.

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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.

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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. At the same time, existing inventory has likely already bottomed out and new listings are keeping steady despite normal seasonal declines. Existing-home sales dropped 4.1% in October from the prior month , reaching a seasonally adjusted annual rate of 3.79

Inventory 377
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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%. Our data lines here at Housing — which track things weekly — show inventory is growing year over year with new listings growth as well. This means 2024 is starting to look a lot like 2023 unless rates fall soon.

Inventory 423
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Why are existing home prices rising when sales are still so low?

Housing Wire

This scenario is similar to 2023 when rates fell. The one thing that is positive this year which is different than last year is new listing data is rising year over year, nothing spectacular, but it’s a positive story for housing This means we have more sellers that will be buyers in 2024.

Inventory 470
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Existing home sales ended the year with a whimper in 2022

Housing Wire

million, according to a report from the National Association of Realtors (NAR) released Friday. In a typical spring market, sellers lead buyers, with new listings coming on the market in the early part of the year before buyers start thinking about shopping,” Sturtevant said. from November to a pace of 4.02

Inventory 336
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Existing home sales data shows extent of housing inflation

Housing Wire

Today the National Association of Realtors reported that existing home sales fell once again to 4.80 Existing home sales have more legs to go lower, especially now that new listing data is falling. We don’t want to see that in America, but that might be a reality in 2023. million in August.” million in August 2021).”.

Inventory 439