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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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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 464
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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% Pending home sales dropped 4.9% in January, down from 77.3 in December.

Contracts 376
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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 450
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Even with falling rates, the housing market is shaping up to be bad in Q4

Housing Wire

“More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher,” National Association of Realtors Chief Economist Lawrence Yun said in a statement. The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years.”.

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Why is the El Paso housing market so hot right now?

Housing Wire

According to multiple real estate agents and mortgage brokers, low interest rates and a high percentage of “essential” jobs in their town has kept the housing market and local economy strong. Nicole Murphy with Realtor.com also said homes in El Paso are only staying on the market for an average of 53 days – down 20% from last year.

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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 521