by Calculated Danger on 8/13/2024 08:48:00 AM
Right now, within the Calculated Danger Actual Property E-newsletter: Half 1: Present State of the Housing Market; Overview for mid-August 2024
A short excerpt:
This 2-part overview for mid-August supplies a snapshot of the present housing market.
I all the time focus first on stock, since stock often tells the story!
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Here’s a graph of latest itemizing from Realtor.com’s July 2024 Month-to-month Housing Market Tendencies Report displaying new listings have 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 larger numbers this July as newly listed houses have been 3.6% above final 12 months’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.
Be aware 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 will probably be up year-over-year in 2024, however nonetheless under regular ranges.
There are all the time folks that 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 because of unemployment or extreme debt (neither is far of a problem proper now).
And there are owners who need to promote for a variety of causes: upsizing (extra infants), downsizing, shifting for a brand new job, or shifting to a nicer residence or location (move-up patrons). 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 will round 6.5%.
However time is an element for this “want to sell” group, and ultimately a few of them will make the leap. That’s most likely why we’re seeing extra new listings now.
There may be rather more within the article.
