by Calculated Threat on 6/12/2024 12:16:00 PM
At present, within the Calculated Threat Actual Property E-newsletter: Half 1: Present State of the Housing Market; Overview for mid-June 2024
A short excerpt:
This 2-part overview for mid-Could supplies a snapshot of the present housing market.
I at all times like to start out with stock, since stock often tells the story!
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Here’s a graph of latest itemizing from Realtor.com’s Could 2024 Month-to-month Housing Market Tendencies Report displaying new listings had been up 6.2% year-over-year in Could. New listings are nonetheless effectively beneath pre-pandemic ranges. From Realtor.com:Nonetheless, sellers continued to checklist their properties in increased numbers this Could as newly listed properties had been 6.2% above final 12 months’s ranges. Whereas a notable deceleration from final month’s 12.2% progress price, it marks the seventh 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 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 people who have to promote because of the so-called 3 D’s: Loss of life, Divorce, and Illness. Additionally, in sure instances, some owners might want to promote attributable to unemployment or extreme debt (neither is way of a difficulty proper now).
And there are owners who wish to promote for a lot of causes: upsizing (extra infants), downsizing, shifting for a brand new job, or shifting to a nicer house or location (move-up consumers). It’s among 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 price is round 3%, and your new mortgage price can be above 7%.
However time is an element for this “want to sell” group, and ultimately a few of them will make the leap. That’s in all probability why we’re seeing extra new listings now.
There’s rather more within the article.
