by Calculated Threat on 6/12/2024 12:16:00 PM
Right this moment, within the Calculated Threat Actual Property E-newsletter: Half 1: Present State of the Housing Market; Overview for mid-June 2024
A quick excerpt:
This 2-part overview for mid-Might gives 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 Might 2024 Month-to-month Housing Market Tendencies Report exhibiting new listings have been up 6.2% year-over-year in Might. New listings are nonetheless effectively beneath pre-pandemic ranges. From Realtor.com:Nevertheless, sellers continued to checklist their properties in increased numbers this Might as newly listed properties have been 6.2% above final 12 months’s ranges. Whereas a notable deceleration from final month’s 12.2% progress charge, it marks the seventh month of accelerating itemizing exercise after a 17-month streak of decline.
Notice the seasonality for brand spanking new listings. December and January are seasonally the weakest months of the 12 months for brand spanking new listings, adopted by February and November. New listings shall be up year-over-year in 2024, however nonetheless beneath regular ranges.
There are at all times people who must promote as a result of so-called 3 D’s: Dying, Divorce, and Illness. Additionally, in sure instances, some householders might want to promote resulting from unemployment or extreme debt (neither is way of a problem 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 dwelling 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 troublesome to maneuver when your present mortgage charge is round 3%, and your new mortgage charge shall 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 way more within the article.
