by Calculated Danger on 8/13/2024 08:48:00 AM
At the moment, within the Calculated Danger Actual Property Publication: Half 1: Present State of the Housing Market; Overview for mid-August 2024
A quick excerpt:
This 2-part overview for mid-August supplies a snapshot of the present housing market.
I at all times focus first on stock, since stock normally tells the story!
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Here’s a graph of recent itemizing from Realtor.com’s July 2024 Month-to-month Housing Market Traits Report displaying new listings had been up 3.6% year-over-year in June. New listings are nonetheless effectively under pre-pandemic ranges. From Realtor.com:Sellers continued to checklist their houses in greater numbers this July as newly listed houses had been 3.6% above final yr’s ranges however considerably lower than June’s determine of 6.3%. This marks the ninth month of accelerating itemizing exercise after a 17-month streak of decline.
Word the seasonality for brand new listings. December and January are seasonally the weakest months of the yr for brand new listings, adopted by February and November. New listings will probably be up year-over-year in 2024, however nonetheless under regular ranges.
There are at all times people who must promote because of the so-called 3 D’s: Loss of life, Divorce, and Illness. Additionally, in sure occasions, some householders might want to promote because of unemployment or extreme debt (neither is far of a difficulty proper now).
And there are householders who wish to promote for plenty of causes: upsizing (extra infants), downsizing, transferring for a brand new job, or transferring to a nicer house or location (move-up patrons). It’s a few 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 troublesome to maneuver when your present mortgage price is round 3%, and your new mortgage price will round 6.5%.
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’s far more within the article.
