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The ugly side of housing: low inventory

Housing Wire

After eight months of consecutive gains, the consequences of low inventory finally caught up with the housing market in February. drop in the number of homes in contract from the prior month, according to new data from the National Association of Realtors. Tightened supply was largely responsible for a 10.6% and West (96.9)

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Housing inventory falls under 1M again as sales collapse

Housing Wire

On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. million in January down to about 4 million in December, We now have total inventory levels near all-time lows again. In one of the most historical years in the U.S.

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Q2 AgentPulse survey: Low inventory is greatest challenge

Housing Wire

Taking the top spot as the greatest challenge was low inventory , with nearly half (49%) of respondents ranking that as their biggest challenge. Although interest rates will certainly be a challenge in Q2 2024, respondents ranked it as the second-greatest challenge they are facing this quarter.

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Housing inventory has never been lower

Housing Wire

It’s official – housing inventory in America is at a crisis level. During the same four week period 45% of homes that went under contract had an accepted offer within the first two weeks, up from 39% in 2020. The post Housing inventory has never been lower appeared first on HousingWire.

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Housing Market Tracker: Mortgage rates and inventory fall together

Housing Wire

These events led to lower mortgage rates and increased purchase application data last week, but decreased housing inventory. Active inventory fell 1,109, and new listing data made a lovely comeback week to week but was still noticeably down year over year. In a regular market, they would be closer to 5.25%. million.

Inventory 450
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Mortgage applications fall amid low inventory, rising rates

Housing Wire

Additionally, home price appreciation and insufficient for-sale inventory are holding back purchase activity. . The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $647,200) increased to 4.90% from 4.80%. Meanwhile, the seasonally adjusted purchase index decreased 3.4%

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Low inventory stifles April’s pending home sales

Housing Wire

Like new and existing sales, pending home sales felt the strain of exhausted home inventory in April ? Contract signings are approaching pre-pandemic levels after the big surge due to the lack of sufficient supply of affordable homes,” said Lawrence Yun, NAR’s chief economist. dropping 4.4% from the previous month to an index of 106.2,

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