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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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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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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.” “Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. Other mortgage indexes show rates ticking down.

Mortgage 370
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Home pricing rules: don’t go if you don’t know

Housing Wire

Not prequalifying is unprofessional and can waste your time and the sellers. All pricing scripts are best used at the listing table! Don’t lose the listing of a motivated, have-to-sell seller over price. If they have sell, you have to take the listing! Are homes selling on average for 105% of the list price?

Sellers 370
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The 2023 housing market bent, but didn’t break

Housing Wire

Let’s look at the tracker for the week before Christmas and see what the forward-looking data looks like before we open presents. Weekly housing inventory data We are near the end of the year, which means the seasonal decline in housing inventory will take hold until we find the seasonal bottom in inventory in 2024.

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What the Availability of Smaller, Affordable Homes Means for the Market

McKissock

Good news for agents working with first-time home buyers on a budget: after nearly two years of ultra-low inventory and rising property values, small, affordable homes are starting to hit the market at a steady rate. The median listing price rose slower in July than the month before, keeping the median housing price in the U.S.