Present State of the Housing Market; Overview for mid-August 2024

by Calculated Danger on 8/13/2024 08:48:00 AM

As we speak, 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 gives a snapshot of the present housing market.

I at all times focus first on stock, since stock often 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 Tendencies Report exhibiting new listings have been up 3.6% year-over-year in June. New listings are nonetheless nicely under pre-pandemic ranges. From Realtor.com:

Sellers continued to record their properties in increased numbers this July as newly listed properties 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 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 under regular ranges.

There are at all times folks that have to promote as a result of so-called 3 D’s: Dying, Divorce, and Illness. Additionally, in sure occasions, some owners might want to promote resulting from 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, transferring for a brand new job, or transferring to a nicer residence or location (move-up consumers). 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 ultimately a few of them will make the leap. That’s most likely why we’re seeing extra new listings now.

There’s way more within the article.