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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. We created this weekly tracker at the end of 2022 to give people a live weekly outlook on everything that drives the housing market and which factors to follow. This year’s peak was Nov.

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Why home prices haven’t crashed even with high mortgage rates

Housing Wire

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023. Now lets take a look at the weekly inventory data.

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Housing Market Tracker: Still no spring inventory lift

Housing Wire

Active inventory fell by 3,141, and new listing data fell again and is still trending at all-time lows. In this article I talked about how to look at housing credit getting tighter during the next recession. Last week was relatively calm for the housing market after the fiasco of the banking crisis. Mortgage rates rose to 6.57%.

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Housing Market Tracker: Mortgage rates and inventory fall together

Housing Wire

Active inventory fell 1,109, and new listing data made a lovely comeback week to week but was still noticeably down year over year. As you can see in the chart below, the bottom black line tied to the 3.37% rate has been hard to break. To Gandalf’s credit, he has been able to hold off Balrog for another week.

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Housing Market Tracker: Banking crisis is a new variable

Housing Wire

Mortgage rates fell as the banking crisis got worse and purchase application data grew for the second week in a row, but the big question is: Did we hit the seasonal bottom in housing inventory? New listing data collapsed, but we are putting an asterisk on that data line for this week. The housing market was crazy again last week.

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Daren Blomquist’s 2023 housing outlook

Housing Wire

This article is part of our 2022 – 2023 Housing Market Forecast series. Home price correction likely nationwide and in majority of markets. The rapidly rising average purchase discount indicates that local community developers are anticipating a rapid slowdown in home price appreciation in the next six to 12 months.

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The 2023 Housing Market: A Look Ahead

Housing Wire

This article is part of our 2022-23 Housing Market Forecast series. Home Prices will fall, but don’t expect 2010. Median home prices have declined for four straight months. Heading into 2023, it seems well within reason, given current trends, that a peak-to-trough decline in home prices of 10% is possible. .