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Days on market grow despite low inventory for existing homes

Housing Wire

The National Association of Realtors (NAR) reported today on two trends in existing home sales that we have seen for many months now: sales are declining while total inventory data has fallen directly for the three straight months. The Federal Reserve wanted to see the bidding wars end and the days on the market grow.

Inventory 473
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Is housing inventory growth really slowing down?

Housing Wire

One of the most important housing market stories in recent weeks has been the decline in new listings , which has slowed the growth rate of total inventory. Once that happens, I can finally take the savagely unhealthy housing market theme off my talking points. What does this mean? million to 1.93

Inventory 522
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Midwest housing markets good for first-time homebuyers: Zillow

Housing Wire

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Against that backdrop, Zillow identified prime markets for first-time homebuyers , and half of them were nestled in the Midwest.

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Why are existing home prices rising when sales are still so low?

Housing Wire

Existing home sales fell in today’s report , which isn’t surprising, but one headline that shocked some people was that home prices are still up year over year, even with higher inventory and higher mortgage rates. Of course this isn’t the healthiest housing inventory story. from the previous year ($375,300). All four U.S.

Inventory 491
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Pending home sales recede in January: NAR

Housing Wire

month over month in January, according to the newest data from the National Association of Realtors (NAR). 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% Overall active inventory improved 7.9% Pending home sales dropped 4.9%

Contracts 427
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Existing-home sales have nowhere to go but up in 2024? 

Housing Wire

million, according to the N ational Association of Realtors. 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%

Inventory 409
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Pending home sales surged in December: NAR

Housing Wire

month over month in December, according to the newest data from the National Association of Realtors (NAR). 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. But new listings activity grew by 9.1%

Contracts 458