Appraisal Buzz

JULY 12, 2024

SingleSource CEO Brian Cullen This piece originally appeared in the July 2024 edition of MortgagePoint magazine, online now. housing inventory so tight right now, how can vacant properties play a role? Brian Cullen: Vacant properties hold the potential to provide significant relief to today’s inventory challenge. Q: With U.S.

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Housing Wire

NOVEMBER 4, 2021

To keep pace with current construction demand, and account for attrition, 740,000 new construction workers are needed each year for the next three years , a report by the Home Builders Institute contends. From 2022 through 2024, this total represents a need for an additional 2.2 million new hires for construction.

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Housing Wire

MAY 10, 2022

The relative pressure of supply vs. demand in the housing market is gauged by the level of active inventory. Like dropping barometric pressure, plunging inventory usually foretells stormy conditions: Faster price growth and faster sales. The post When will housing inventory recover? appeared first on HousingWire.

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Housing Wire

NOVEMBER 15, 2023

Although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). He also expects more sellers to enter the market, as they adapt to prolonged higher rates.

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Housing Wire

SEPTEMBER 17, 2024

“Builders now have a positive view for future new home sales for the first time since May 2024,” NAHB Chairman Carl Harris said in a statement. However, the cost of construction remains elevated relative to household budgets, holding back some enthusiasm for current housing market conditions.

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Appraisal Buzz

JUNE 21, 2024

According to the Fannie Mae Economic and Strategic Research (ESR) Group’s June 2024 analysis , affordability restrictions continue to limit the amount of buyers wanting and able to make home purchases, despite an increase in for-sale home listings. million in 2024, marking a moderate 1.3% annual rise vs the previously projected 2.8%.

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Housing Wire

JULY 6, 2023

It boils down to two factors, according to housing-industry experts: a lack of housing inventory , or supply; and high demand for that limited housing stock — which also is fueling a jump in new-home sales. In other words, if there were more inventory, we would have more sales happening.” through the first quarter of 2024.”

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Housing Wire

MAY 11, 2024

Weekly housing inventory data Last week was another week that missed my inventory growth model with higher rates. I am always looking for weekly inventory growth between 11,000 and 17,000 when rates are over 7.25%. Rates have fallen recently and inventory growth was higher last week than the previous week.

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Housing Wire

DECEMBER 21, 2023

A rise in homebuilder confidence , followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.” Lack of inventory The scarcity of available homes has kept home prices elevated. by mid-year and to decline further to 6.2% Another obstacle?

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Housing Wire

JANUARY 26, 2024

According to an NAR outlook, home sales are projected to rise significantly in 2024 and 2025 as the housing market steadily returns to normal. The trade organization projects a 13% increase in existing home sales between 2023 and 2024 for an annualized pace of 4.62 increase between 2024 and 2025 to a pace of 5.35 million units.

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Housing Wire

JUNE 2, 2022

I always try to focus people on the total inventory data until we get inventory back into a range of 1.52-1.93 HousingWire: To add to that, since housing is in an inventory shortage, the market has changed, so the good news is inventory is growing. Months are homes under construction 0.8 Then this happened.

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Housing Wire

NOVEMBER 30, 2023

Meanwhile, new home sales posted a better performance as homebuyers pivoted to new construction amid waning existing home supply. Home sales should perform better in 2024 even if affordability remains a challenge According to Bright MLS’s forecast , mortgage rates will continue to trend downward in 2024, finishing the year at 6.2%.

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Housing Wire

OCTOBER 26, 2023

Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated.” in 2024, hitting 800,000 new homes. For those new construction units, the national median new home price is projected to drop by 5.9% in 2024, to $445,800. In 2024, they should rise by 13.5% In 2024, it will rise to 1.48

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Housing Wire

JANUARY 19, 2024

Prospective homebuyers have been shut out of the market by a lack of inventory. A consequence of the tight inventory situation, the median sales price for an existing home rose to a record high of $389,800 in 2023. It requires economic and income growth and, most importantly, a steady buildup of home construction.”

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Appraisal Buzz

AUGUST 21, 2024

According to the Fannie Mae Economic and Strategic Research (ESR) Group’s August 2024 commentary , total home sales are predicted to be lower than previously predicted through the end of 2024 and then not significantly increase until later in 2025, even with the recent decline in mortgage rates. million in 2024 and 5.19

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Housing Wire

SEPTEMBER 5, 2024

The third-quarter 2024 survey polled more than 100 mortgage, real estate and academic experts to determine its predictions in partnership with data analytics firm Pulsenomics LLC. home-price growth is predicted to finish this year at 4.7% before slowing to 3.1% million homes,” he said. “We’ve

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Housing Wire

APRIL 27, 2023

The lack of housing inventory is a major constraint to rising sales,” Lawrence Yun , NAR’s chief economist, said in a statement. in 2024, and housing starts will fall 7.3% annual in 2024 to 1.54 annual increase in 2024, bringing existing home sales back up to 5.26 to $390,000 in 2024. to $390,000 in 2024.

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Housing Wire

JANUARY 18, 2024

However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale,” said Sam Khater, Freddie Mac’s chief economist. Housing starts declined 9% in 2023, an indication that homebuyers looking to purchase a new construction home may continue to struggle with the lack of inventory this year.

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Housing Wire

JUNE 7, 2021

Because that period followed a housing boom and bust when inventory was overbuilt. We first had to whittle down the excess inventory and get our financial house in order (i.e., million until 2020-2024. The previous economic expansion from 2008 to 2019 was the weakest housing recovery ever.

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Appraisal Buzz

JUNE 11, 2024

The part of the East Coast that is cooling down is the West Coast of Florida, rife with natural disasters that are only intensifying driving people away as the new construction and pandemic-era homebuying boom fade into the distance. In Cape Coral, inventory is up 64%, median price per square foot is down 2.9%, and 37.5%

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Housing Wire

SEPTEMBER 20, 2024

Pareja took over as CEO at eXp in April 2024 and became the first Hispanic CEO of a major real estate brokerage in U.S. Pareja believes there should be exceptions, such as when a property is owned by a high-profile person, if it is tenant-occupied or if it’s still under construction.

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Appraisal Buzz

APRIL 25, 2024

“Meaningful gains will only occur with declining mortgage rates and rising inventory,” Yun says. NAR forecasts that existing-home sales will rise by 9% in 2024 to 4.46 in 2024 to 1.43 in 2024 to a record of $396,800 (from $389,800 in 2023) and another 1.8% million (from 4.09 million 2023) and another 13.2%

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Housing Wire

MAY 21, 2024

“It’s oddly enough in states where people are leaving,” said Florida-based real estate investor Paul Lizell of the markets where he is more focused on acquiring investment properties in 2024. I’m still focusing on those markets with very low (retail) inventory. in Q1 2024, up from 55.0% in the previous quarter and up from 54.1%

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Inman

SEPTEMBER 6, 2024

Bernice Ross talks with Patrick Stone, chairman and founder of Williston Financial, about interest rates, new construction and the 2024 election.

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Housing Wire

JULY 27, 2023

in 2024, according to NAR’s forecast. million in 2024. next year, to $395,000. “Home prices will be influenced by how much inventory is brought to market. Increased homebuilding will tame price growth, while limited construction will lead to home price appreciation outpacing income growth.” in 2024, to 820,000.

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Housing Wire

MARCH 4, 2024

New construction accounted for approximately 30% of active for-sale housing inventory, doubling the usual figures for a standard year. The acquisition is set to close in the first half of 2024. Meanwhile, prominent Japanese builder Sekisui House announced plans to acquire M.D.C.

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Housing Wire

JANUARY 3, 2024

The recent decline in rates has given the housing market some cause for optimism going into 2024, but purchase applications have not yet picked up in response, with the overall level of purchase activity 12% lower than a year ago,” Kan said in a statement. Purchase applications decreased by 5% week over week on an adjusted basis.

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Appraisal Buzz

JUNE 14, 2024

This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. In a landscape marked by limited turnkey housing inventory, significant affordability issues, and relentless competition from cash-rich investors, homebuyers need more than plain vanilla home loans.

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Appraisal Buzz

MARCH 26, 2024

The median sales price of new home sold in February 2024 was $400,500. As interest rates subside over the course of 2024, additional home buyers will be priced into the market and new construction will be needed to meet this demand.” “A New home sales were at a seasonally adjusted annual rate of 662,000 in February, down 0.3%

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Housing Wire

JANUARY 23, 2024

With the coming together of interest rate drops, the persistent, continued low inventory levels and 2023 being recorded as the slowest year for U.S. This decline, coupled with the aforementioned low inventory levels, is set to rekindle suppressed buyer demand. Will we get more inventory? The strategy has changed for buyers.

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Housing Wire

AUGUST 29, 2024

Unsold inventory of homes on the market has been climbing in the U.S. In general, inventory rises with rates because more expensive money slows demand. When demand slows, inventory grows. According to Altos Research , there are 40% more homes on the market at the end of August 2024 than there were last year at this time.

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Housing Wire

APRIL 24, 2023

New home construction is expected to pull back later in 2023 – consistent with Fannie Mae’s forecasted recession – which is due, at least in part, to tighter credit availability for construction lending. Homebuilders continue to show a willingness to offer rate buy-downs and other incentives to move their inventories.

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Housing Wire

JULY 7, 2023

“Manufacturing activity remains quite weak, while consumer spending has held up somewhat better, and new home construction and sales have picked up. Our forecast is for a slowdown in economic activity in the second half of 2023, with a recovery in early 2024. The June employment report reinforces that forecast.”

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Appraisal Buzz

JULY 16, 2024

This piece originally appeared in the July 2024 edition of MortgagePoint magazine, online now. Today, there is a greater emphasis being placed on manufactured homes—both for borrower and lender—as a means for entry-level housing that can help address the steep inventory shortage nationwide.

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Housing Wire

APRIL 5, 2024

Job gains were most notable in the health care (+72,000), government (+71,000) and construction (+39,000) sectors. In March, employment continued to trend up in construction, adding 39,000 jobs month over month. Overall, there will be more home sales in 2024 than there were last year but the timing is uncertain,” Sturtevant said.

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DW Slater Company

DECEMBER 22, 2023

As we’re getting ready to say goodbye to 2023 and welcome 2024, we wanted to wish each of you a very Merry Christmas and a Happy New Year! This did not however bring on a huge decline or glut of inventory. We will continue to keep abreast of the changes in housing in 2024. We look forward to continue serving you in 2024.

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Empire Appraisal Group

AUGUST 15, 2024

million new homes are under construction and housing completions in February hit their highest level in 17 years. ” Between January and February this year, the National Association of Realtors® reported that existing home sales increased 9.5%, and unsold inventory was at a 2.9-month by the end of 2024.

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