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Housing inventory growth slows to a halt

Housing Wire

Total housing inventory growth has been slow in 2023, but with rising mortgage rates over the last few months, inventory has grown a bit faster than average. The question now is: Have we hit the seasonal peak in inventory for 2023? Last year, according to Altos Research , the seasonal peak for housing inventory was Oct.

Inventory 483
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Housing Market Tracker: Inventory finally rises

Housing Wire

Since 2020, the seasonal bottom for housing inventory has arrived several months later than normal, making it more complicated to track housing inventory data. Still, we have some promising signs that we might have finally hit the inventory bottom for 2023.

Inventory 545
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Even with low inventory, expect a strong 2021 housing market

Housing Wire

Even prior to the pandemic , housing inventory had hit record lows, and the problem has only gotten worse as demand continues to rise. Total home sales are outpacing new listings by a wide margin every month, and real estate tech company Homesnap foresees the shortage continuing in 2021 unless more sellers enter the market.

Inventory 546
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Mortgage rates should drop below 7% as housing demand picks up

Housing Wire

Purchase application data Hello, early Christmas present! Weekly housing inventory data It’s December, which means the seasonal decline in housing inventory is well underway, which means in 2023, I have batted a whopping zero on how much I predicted weekly inventory would grow with higher mortgage rates.

Mortgage 542
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Redfin: Over half of buyers are going above asking price

Housing Wire

“We are seeing a typical late-spring slowdown in new listings and pending sales, but prices don’t typically peak until late August, and their growth remains completely unhinged,” said Daryl Fairweather, Redfin’s chief economist. Presented by: Move Sales. But that’s not slowing down buyers.

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Mortgage rates are close to 7%, and may remain so for several weeks longer

Housing Wire

However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.” For buyers out there, being able to find a home to buy and crafting a successful offer that will beat other buyers remains the main challenge, not high mortgage rates, she said.

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Even with falling rates, the housing market is shaping up to be bad in Q4

Housing Wire

Total housing inventory at the end of October was 1.22 Unsold inventory sits at a 3.3-month Inventory levels are still tight, which is why some homes for sale are still receiving multiple offers,” Yun said. Presented by: Percy. Both a pullback in demand and limited supply remain vexing problems for the housing market.