By KIMBERLEY HAAS
Potential buyers patiently waiting for a surge in inventory before jumping into the housing market may be out of luck this fall.
Mike Simonsen, founder and president of Altos Research, said during a webinar on Thursday that there are no signs of such a thing happening anytime soon.
“There is no sign anywhere in the data of any surge in inventory,” Simonsen said. “So if you’ve got a buyer that’s like ‘I’m waiting for the big crash to come,’ the question is how long are you going to wait? Because it could come, maybe in 2025, but there’s no sign in the data right now of any of that coming.”
Simonsen has said that he expects 2023…
By ERIN FLYNN JAY
It is being speculated that once interest rates drop, a number of buyers will jump into the housing market, causing another surge in prices. We spoke to some industry leaders to get their take.
Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors, said this is true.
“Buyers who were priced out of the housing market with rates at nearly 7% will be able to purchase. Due to limited housing inventory, the housing market may see a rebound in multiple offers, which will put upward demand on housing prices,” said Lautz.
She said a significant portion of homes are already selling at above the asking price.
“Currently, there are…
By PATRICK LAVERY
When last we heard from the Federal Reserve on interest rates, on June 14, the Federal Open Market Committee agreed not to raise the target range for the federal funds rate for the first time in more than a year.
With the Fed’s next meeting now less than a week away, could Chairman Jerome Powell be preparing to announce one of the hikes that he said in June might still be remaining for this year? Or will the FOMC stick to a holding pattern?
And how are those developments going to impact a U.S. housing market that Powell has continuously characterized as sluggish throughout 2023?
It is predicted that the central bank will deliver a quarter of…
By KIMBERLEY HAAS
Buyers waiting on the sidelines for home prices to drop may be out of luck this year.
During a webinar on Thursday afternoon, Mike Simonsen, founder and president of Altos Research, said that by now it has been clear enough for long enough that even the most strident of bubble-bursters recognizes that the housing market has held up well despite gloomy predictions walking into 2023.
Simonsen said the results have been surprising.
“Very few of us forecast what was going to happen, and forecasts are always tricky, but the key is that those of us watching the data right now, and those of us on this webinar right now, are those who have been able to pay…
By KIMBERLEY HAAS
A lack of inventory continues to put pressure on the housing market but there are some potential sources out there.
During a mid-year outlook webinar held on Thursday afternoon, Todd Teta, chief product and technology officer for ATTOM, and Mike Simonsen, founder and president of Altos Research, spoke about the low supply of homes for sale. Simonsen said 2023 is projected to end with fewer homes available than at the start of the year.
“Each week this year there are more buyers than sellers and inventory has been falling until very recently,” he said.
Teta and Simonsen talked about four potential sources for inventory moving forward.
Newer Owners
People are staying in their homes for less time,…
By SCOTT KIMBLER
It’s a mixed bag when it comes to predictions for the mortgage market as the economy continues to balance out after the pandemic.
ATTOM recently held a conference where research performed by their company, Altos Research, and others were compiled to provide a more complete picture of what the remainder of 2023 may look like in terms of new home construction, home sales, and mortgage rates. Inflation, the job market, supply and demand, as well as the steady rising of rates by the Federal Reserve, along with other factors, were taken into account.
Unlike some predictions of 2023 that paint a picture of a distraught housing market, this research shows the year as having mortgage challenges, but…
