by calculated risk October 11, 2024 10:47:00 AM
In today’s ‘Calculated Risk Real Estate’ newsletter: Part 1: Current state of the housing market; overview as of mid-October 2024
A brief excerpt:
Our mid-October two-part overview provides a snapshot of the current housing market.
Inventory usually focuses on inventory first. tell a story! And while inventories are currently up year over year, they are still well below pre-pandemic levels.
…
This is a graph of new properties on Realtor.com. September 2024 Housing Market Trend Monthly Report The number of new listings in September increased by 11.6% compared to the same month last year. The number of new listings remains well below pre-pandemic levels. From Realtor.com:
Perhaps the biggest news this month was the influx of sellers in September, as the number of newly listed homes rose 11.6% above last year’s levels, a sharp reversal from August’s 0.9% decline. Last month, we predicted that the sharp decline in mortgage rates seen in mid-August could lead to an increase in listings in the coming months as low interest rates begin to entice last-minute homeowners to sell. As I pointed out, that’s exactly what happened in September.
Be aware of the seasonality of new properties. Seasonally, December and January have the lowest number of new listings of the year, followed by February and November. The number of new listings in 2024 is expected to increase compared to the previous year, but it will still be well below normal levels.
There’s a lot more to this article.
