by Calculated Danger on 6/12/2024 12:16:00 PM
Right now, within the Calculated Danger Actual Property Publication: Half 1: Present State of the Housing Market; Overview for mid-June 2024
A quick excerpt:
This 2-part overview for mid-Might supplies a snapshot of the present housing market.
I at all times like to begin 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 had been up 6.2% year-over-year in Might. New listings are nonetheless properly under pre-pandemic ranges. From Realtor.com:Nonetheless, sellers continued to record their houses in increased numbers this Might as newly listed houses had been 6.2% above final yr’s ranges. Whereas a notable deceleration from final month’s 12.2% development fee, it marks the seventh month of accelerating itemizing exercise after a 17-month streak of decline.
Be aware 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 folks that must promote because of the so-called 3 D’s: Loss of life, Divorce, and Illness. Additionally, in sure occasions, some owners might want to promote as a result of unemployment or extreme debt (neither is far of a problem proper now).
And there are owners who wish to promote for numerous 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 tough to maneuver when your present mortgage fee is round 3%, and your new mortgage fee will probably 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 most likely why we’re seeing extra new listings now.
There may be rather more within the article.
