Sacramento Appraisal Blog

FEBRUARY 14, 2024

Pulling comps in 2024 is tough. I also have some market recap visuals to unpack what’s been happening in 2024 so far. UPCOMING SPEAKING GIGS: 2/19/24 Matt the Mortgage Guy YouTube […] The post The challenge of pulling comps in 2024 first appeared on Sacramento Appraisal Blog. Think about it this way.

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Appraisal Marketing Mortgage New Listings 308

Housing Wire

MARCH 23, 2024

As rates were hitting year-to-date highs, the fear was that the Fed would go hawkish in their March meeting, which could push mortgage rates toward 8% and tank 2024 demand. Let’s look at the tracker data to see how mortgage rates are impacting the housing data as we settle into spring. 8% for spring 2024.

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Mortgage Inventory New Listings Housing Market 514

Housing Wire

MAY 11, 2024

Mortgage rates and the bond market have fallen a bit recently and the spreads between the 10-year yield and 30-year mortgage rate have improved over last year’s levels. To see mortgage rates drop and stay lower, the bond market needs to know the labor market is getting softer. That’s a 0.50% difference in rates.

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Mortgage Inventory New Listings Housing Market 403

Housing Wire

MAY 4, 2024

I wish new listings were growing faster, but I will call it a victory nonetheless. We saw a slight decline in new listings data week to week. The price-cut percentage growth in 2024 is much slower than in 2022, when rates spiked more aggressively. So, the spreads getting better this year is a positive storyline.

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Inventory Mortgage New Listings Marketing 437

Housing Wire

FEBRUARY 17, 2024

Will mortgage rates break toward 8% again, making another 2024 data line that looks like a carbon copy of 2023? It’s not part of my 2024 forecast, but since the Federal Reserve likes playing with fire , let’s look at where we are with mortgage rates and their impact on weekly housing data. Serious mortgage rate talk!

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Mortgage Inventory New Listings Housing Market 525

Housing Wire

MARCH 2, 2024

Let’s take a look at the inventory data this year to test this premise, since for many months it has been a working theory of mine that new listings data behavior last year marked a bottom and even going into 2024 we should see more sellers. Here is a look at inventory last week: Weekly inventory change (Feb.

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Inventory Mortgage New Listings Housing Market 534

Housing Wire

MARCH 30, 2024

The best housing story in 2024 is that inventory is growing — both active inventory and new listings. Still, new listing data is a positive story. Still, new listing data is a positive story. However, the markets were closed Friday, so we have to wait and see how trading goes on Monday.

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Inventory New Listings Mortgage Housing Market 441

Housing Wire

APRIL 19, 2024

year over year in the first quarter of 2024, with the median price hitting a record $1.225 million, according to data from Redfin. Redfin defined luxury homes as those estimated to be in the top 5% of their metro area based on market value, while non-luxury homes are those with estimated values in the 35th to 65th percentile.

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Luxury Properties New Listings Buyers Housing Market 441

Housing Wire

JANUARY 26, 2024

The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” NAR chief economist Lawrence Yun said in a statement. Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”

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Contracts Housing Market Construction Inventory 458

Housing Wire

APRIL 18, 2024

This is a byproduct of the qualified mortgage rule of 2010, which has been a game-changer not only for the housing market but for the overall U.S. However, that hasn’t been the case so far in 2024. NAR: Total housing inventory registered at the end of March was 1.11 This is never a good thing for housing.

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Inventory Housing Market New Listings Buyers 489

Housing Wire

APRIL 6, 2024

Weekly housing inventory data — both active inventory and new listings — are prone to one-week moves that deviate from a trend, especially if people are going Easter egg hunting. So, the fact that active inventory and new listings data fell last week isn’t a big deal. However, for now, this is a plus for the U.S.

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Inventory New Listings Mortgage Housing Market 454

Housing Wire

DECEMBER 14, 2023

Mortgage rates fell below the 7% threshold this week as markets prepared for Federal Reserve Chairman Jerome Powell’s announcement on Wednesday. 14, according to Freddie Mac ‘s Primary Mortgage Market Survey. Meanwhile, new listing activity also inched up slightly in recent weeks, another good sign for homebuyers who have more options.

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Mortgage New Listings Loan Officers Inventory 485

Housing Wire

NOVEMBER 18, 2022

On a positive note, however, the days on the market are no longer a teenager anymore: that metric grew from 18 days to 21 days. I cheer because the savagely unhealthy housing market theme I talked about back in February of this year was the same premise of the housing reset talking point the Federal Reserve uses.

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Inventory Marketing Housing Market New Listings 472

Housing Wire

MAY 8, 2024

So inventory slowly broke lower and lower as we came into the years 2020-2024. These years have seen the most enormous housing demographic patch ever recorded in history, with ages 28-35 being massive. As you can see in the chart below, when we entered 2020, housing inventory was already on the verge of breaking toward all-time lows.

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Inventory Law New Listings Sellers 447

Housing Wire

FEBRUARY 10, 2024

So far in 2024, fewer homes are taking price cuts than in 2023, and this trend is on the verge of breaking below the 2023 lows in price cuts percentages. While weekly inventory is still falling, we have year-over-year growth in total active listing and new listings data.

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Inventory New Listings Retail Mortgage 513

Housing Wire

APRIL 20, 2024

Housing inventory finally hit my target level of growth last week with mortgage rates now over 7.25% , something I couldn’t get all last year. Of course, what is different this year versus last year is that new listing data is growing yearly instead of trending at the lowest levels recorded in history. 2022: 18.7%

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Inventory New Listings Mortgage Finance 492

Housing Wire

NOVEMBER 21, 2023

“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% from September, with 1.15 million units available.

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Inventory Realtors New Listings Contracts 401

Housing Wire

JANUARY 20, 2024

Housing inventory, new listing data and mortgage rates are all rising, but the price cut data percentages are falling. So far, so good in 2024. New listings data While new listings data isn’t growing in significant terms year over year — sorry, silver tsunami crowd — it is showing growth year over year.

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Inventory Mortgage New Listings Sellers 541

Housing Wire

MARCH 9, 2024

Mortgage rates and the 10-year yield The 10-year yield is the key for all my housing work, so I focus on it religiously. In my 2024 forecast , I put the 10-year yield range between 3.21%-4.25% , with a critical line in the sand at 3.37%. Let’s look at this week’s tracker data to get clues for the future.

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Mortgage Inventory New Listings Housing Market 471

Housing Wire

MARCH 6, 2024

But with mortgage rates ascending past 7% according to HousingWire’s Mortgage Rates Center , those hopes have so far been dashed in 2024. This is clear in the chart below, which shows the year-over-year percent change in the four-week average of new listings. 31% in 2023-2024. in 2019-2020, 16.9-17.2%

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Mortgage Sellers New Listings Buyers 416

Housing Wire

JANUARY 28, 2024

Purchase application data As we get closer to the end of the first month of 2024, forward-looking purchase application data looks good. Weekly new listing data: 2024: 44,921 2023: 42,843 2022: 47,713 Price cut percentage Every year, one-third of all homes take a price cut before selling — nothing abnormal about that.

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Inventory New Listings Mortgage Marketing 520

Housing Wire

FEBRUARY 22, 2024

22, an increase from last week ’s figure of 6.77%, according to Freddie Mac ’s Primary Mortgage Market Survey released on Thursday. Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

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Mortgage New Listings Housing Market Buyers 424

Housing Wire

MAY 3, 2024

In Denver in particular, new listings increased 29.12% month-over-month and 22.63% year-over-year. Active listings at month’s end rose 13.14% to 5,511 homes, an astounding 45.87% gain year-over-year. As a result, sellers who are winning in this market spent time making sure their homes are in show-ready condition.

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Inventory Lending Real Estate Housing Market 342

Housing Wire

JANUARY 13, 2024

So let’s hope for more home sellers in 2024. Weekly housing inventory data Here is a look at the first week of the year: Weekly inventory change (Jan. This is the price-cut percentage for the same week over the last few years: 2024 32.2% We can grow new listings from these depressed levels and get more demand.

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Inventory New Listings Retail Mortgage 530

Housing Wire

SEPTEMBER 22, 2023

17, according to a new report from Redfin. Combined with elevated mortgage rates, monthly housing payments are at an all-time high. This is pushing many prospective homebuyers to the sidelines until the market becomes healthier. 17, total active listings were at 806,701, down 16.2% New listings are down 6.7%

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New Listings Inventory Buyers Mortgage 448

Housing Wire

NOVEMBER 18, 2023

Did the recent move lower in mortgage rates turn the housing market positive? Let’s see how this looks in the critical time from the second week of January to the first week of May 2024. I talked about how new listings data is forming a bottom on CNBC recently. Weekly inventory change (Nov.10-Nov.

Mortgage 472

Mortgage Inventory New Listings Housing Market 472

Housing Wire

NOVEMBER 9, 2022

But I need to explain why this level has more in common with 2014 housing data than the credit stress markets of 2005-2008, and why you should care. Understanding this data line and what it is trying to tell you will be more valuable than erroneously thinking the market is crashing and we’ll see a wave of foreclosures.

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New Listings Inventory Housing Market Sellers 489

Housing Wire

DECEMBER 21, 2022

On Wednesday, existing home sales collapsed near the lows we saw during COVID-19 and back in 2007 when the housing bubble burst. In addition, this is the fourth straight month of inventory declining, while days on the market are growingl! This is the biggest story in housing. . Confused by this? economic history. .

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Inventory New Listings Housing Market Sellers 523

Housing Wire

DECEMBER 9, 2023

Naturally, some people thought home prices would crash in 2023 as many market players said prices always follow volume. What 2023 data has shown me is that even with mortgage rates heading toward 8%, new listings data didn’t take a new leg lower — it stayed remarkably consistent all year long.

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Mortgage Inventory New Listings Sellers 530

Housing Wire

NOVEMBER 11, 2023

We saw some good growth this week, and hopefully, in 2024, we can close the gap and get back to 2021-2022 data on new listings. We saw some good growth this week, and hopefully, in 2024, we can close the gap and get back to 2021-2022 data on new listings. Weekly inventory change (Nov. If we start from Nov.

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Inventory New Listings Mortgage Retail 473

Sacramento Appraisal Blog

JANUARY 30, 2024

But in 2024 there’s a flicker of hope as sellers have thawed out just a bit. I’ll explain what I mean below, and I suspect many markets around the country are experiencing a similar trend. Stuck in place. Not moving. That pretty much describes sellers. Any thoughts?

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Sellers Appraisal Marketing New Listings 362

Housing Wire

NOVEMBER 25, 2023

Lower mortgage rates tend to take housing supply off the market and demand has been picking up lately as rates have fallen. However, the recent drop in housing inventory has more to do with seasonality factors than lower mortgage rates. Last year, according to Altos Research , the seasonal peak for housing inventory was Oct.

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Inventory Mortgage New Listings Buyers 533

Housing Wire

FEBRUARY 29, 2024

Meanwhile, new home sales , which are also a measure of contract signings, reached a seasonally adjusted annual rate of 661,000 in January, up 1.5% The job market is solid, and the country’s total wealth reached a record high due to stock market and home price gains,” NAR chief economist Lawrence Yun said in a statement.

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Contracts Inventory New Listings Realtors 405

Housing Wire

DECEMBER 23, 2023

housing market and that they need to be pro-housing again. Even with all the drama we have dealt with in 2022-2023, the housing market stayed intact and never broke. We never saw the Airbnb crash that dominated some of the housing headlines in 2023. This is a big Merry Christmas gift for the housing market.

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Housing Market Marketing Inventory New Listings 532

Housing Wire

DECEMBER 2, 2023

Mortgage rates almost fell below 7%, the 10-year yield is below 4.25% again, and people are seriously talking about Fed rate cuts in 2024. I said the 10-year yield would only break below 3.37% if the labor market breaks — this level is the “Gandalf line” I have used all year. What a week! In Q3, the U.S. Weekly inventory change (Nov.

Mortgage 543

Mortgage Inventory New Listings Sellers 543

Housing Wire

DECEMBER 4, 2023

Now that Thanksgiving is behind us and December is well under way, we can start looking ahead to the 2024 housing market. New listings and home sales remain low this week while available inventory of unsold homes is finally falling across the country after rising with mortgage rates late into November.

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Housing Market Marketing Inventory New Listings 491

Housing Wire

JANUARY 1, 2024

The 2023 housing market faced one of the same roadblocks we saw in 2022: mortgage rates were too high for home sales growth. Now that we’re in 2024, the Federal Reserve ‘s rate hike cycle is over, so let’s look at what that means for housing demand and home prices. Instead, they closed 2023 at 6.67%.

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Housing Market Marketing New Listings Construction 528