Inventory jumped 18.7% YOY in June, with news listings beating out even typical pre-pandemic levels, Realtor.com reported in its June Housing Report. The number of homes for sale increased at its fastest yearly pace of all time at 18.7%, up 8% from the month prior. This is thanks in part to an influx of new sellers entering the market at a higher rate than in the years before the pandemic. Compared to June 2021, active inventory increased in 40 of the 50 metros analyzed by Redfin, led by Austin, Texas (+144.5%), Phoenix (+113.2%), and Raleigh, N.C. (+111.7%). However, prices have yet to come down as a result of new inventory. The national median listing price instead rose to a new…
Inventory increased for the first time since June 2019, with active listings up 8% YOY, according to Realtor.com’s May housing data. An inventory increase is a good sign for the market, which is facing pressure as rising rates and soaring home prices are causing potential buyers to back off. The national median listing price in May was $447,000, up 17.6% YOY and 35.4% from May 2020. Purchase loan applications are down 14% YOY, reaching their lowest level since December 2018. However, active listings were still down 48.5% from May 2020, meaning inventory is still half of what it once was. And while active listings grew, the total inventory of unsold homes, including pending listings, fell by 3.9% thanks to a…
Active listings were down only 12.2% in April, its smallest YOY decline since December 2019, according to Realtor.com’s Monthly Housing Trends Report. This suggests that inventory may be about to bounce back up after the crippling shortage of the last year. Though new listings declined, the number of homes under contract saw a YOY decrease as well, closing some of the distance between supply and demand. Pending listings were down 9.5% YOY. Improvements were seen in the share of mid-sized homes, adding to listings for families upgrading from starter homes and possibly easing the way for first-time homebuyers who have struggled to find affordable entry homes during the pandemic. “April data suggests a positive turn of events is on the…
Inventory and first-time buyers won’t bounce back until 2024, according to Zillow’s Home Price Expectations Survey. The survey polled a panel of housing experts who said they anticipate for-sale inventory levels will take two years to climb back to pre-pandemic levels. Total inventory fell from a monthly average of just 1 million in 2021 and early 2022 figures aren’t looking any better, both down from 1.6 million units in 2018 and 2019. The largest group of Zillow’s respondents (38%) expect inventory to reach 1.5 million units or more in 2024, though the second largest group (36%) predicted 2023. “Inventory and mortgage rates will determine how far and how fast home prices will rise this year and beyond,” said Zillow senior…
Broker confidence fell for the second straight month in February, though brokers are “cautiously optimistic” about the future, according to RISMedia’s February Broker Confidence Index (BCI). The index, which is scaled 1 to 10, fell to 7.5 from January’s 7.9 and December 2021’s 8.2. For the 3,000 brokers surveyed, rising interest rates were not a big cause for concern. They felt that rising rates won’t hurt demand considering current market conditions. Brokers’ biggest worries were inflation and inventory, with a nod to the ongoing crisis in Ukraine. “The continued lack of supply has really created a bubble,” Quincy Smith, a broker with ERA Matt Fischer in Yuma, Arizona, told RISMedia. “With the equity market starting what appears to be a…
Home price appreciation and stock shortages are likely to continue through the first few months of 2022, as December saw price growth pick back up heading into the new year, a Realtor.com report shows. Though seller sentiment is positive, new listings are shrinking, squeezing the already competitive market. The number of homes actively for sale in January dropped 28.4% year-over-year (YOY), or 163,000 homes. Newly listed homes fell by 9.1% YOY and were 16.8% lower from typical 2017-2020 levels. The January national median listing price for active listings was $375,000, a 10.3% increase YOY and up 25% from January 2020. The median listing price for a typical single-family home increased 18.6% YOY. The report notes that though high home prices…
Monthly home value appreciation accelerated for the first time since July as potential buyers continue to outnumber new listings, driving December inventory to an all-time low, according to Zillow’s latest market report. “Home shoppers picked the shelves clean this December, leaving fewer active listings than ever before in the U.S. housing market,” said Jeff Tucker, senior economist at Zillow. “Enough determined buyers kept up their house hunt to reignite monthly price appreciation. Rising mortgage rates could be the next potential headwind, but demand has proven persistent; neither high prices nor slim inventories have deterred buyers so far.” The typical home value is now $320,662, 19.6% above that of December 2020 and a record high for Zillow’s data, which dates back…
By KIMBERLEY HAAS It may be a harsh reality to face, but the data is clear: There will be more houses on the market in 2022 because of the number of people who have died due to COVID-19 and its variants. This sobering fact was highlighted during the National Association of Real Estate Editors conference in Miami, Fla., last week. As of Monday, the U.S. Centers for Disease Control and Prevention reported 793,937 COVID deaths of Americans. More of those deaths have occurred since the first vaccines became available than before. Approximately 77% of people over the age of five have had at least one vaccination, according to their website. Community transmission is high in many parts of the country…
