by Calculated Threat on 5/10/2024 12:37:00 PM
At present, within the Calculated Threat Actual Property E-newsletter: Half 1: Present State of the Housing Market; Overview for mid-Could 2024
A quick excerpt:
This 2-part overview for mid-Could gives a snapshot of the present housing market.
I at all times like to begin with stock, since stock normally tells the story!
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Here’s a graph of recent itemizing from Realtor.com’s April 2024 Month-to-month Housing Market Tendencies Report exhibiting new listings have been 12.2% year-over-year in April. That is nonetheless effectively beneath pre-pandemic ranges. From Realtor.com:Nonetheless, offering a lift to total stock, which has been a drag on gross sales the previous couple of years, sellers turned out in increased numbers this April as newly listed properties have been 12.2% above final 12 months’s ranges, matching final month’s development charge. This marked the sixth month of accelerating itemizing exercise after a 17-month streak of declines.
Be aware the seasonality for brand new listings. December and January are seasonally the weakest months of the 12 months for brand new listings, adopted by February and November. New listings can be up year-over-year in 2024, however nonetheless beneath regular ranges.
There are at all times those who must promote as a result of so-called 3 D’s: Demise, Divorce, and Illness. Additionally, in sure instances, some householders might want to promote resulting from unemployment or extreme debt (neither is far of a difficulty proper now).
And there are householders who need to promote for quite a few causes: upsizing (extra infants), downsizing, shifting for a brand new job, or shifting to a nicer house or location (move-up consumers). It’s a number of the “want to sell” group that has been locked in with the golden handcuffs during the last couple of years, since it’s financially tough to maneuver when your present mortgage charge is round 3%, and your new mortgage charge can be above 7%.
However time is an element for this “want to sell” group, and finally a few of them will make the leap. That’s in all probability why we’re seeing extra new listings now.
There may be way more within the article.
