by calculated risk November 14, 2024 11:18:00 AM
In today’s Calculated Risk Real Estate newsletter: Part 1: Current state of the housing market; overview as of mid-November 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! I’m watching Months of supply Closely.
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New home inventory remains a very high percentage of total inventory. The following graph uses the National Association of Realtors® (NAR) non-seasonally adjusted (NSA) existing housing inventory and the Census Bureau’s new housing inventory (completed and under construction inventory only).
After the housing bust, it took years for new home inventory to return to its pre-bubble share of total inventory. The existing home inventory then collapsed due to the pandemic, and new homes now account for 20.8% of total for-sale inventory, down from a peak of 27.2% in December 2022.
As existing home inventory increases, the share of new homes in total inventory should continue to decline. However, the proportion of new housing inventory increases seasonally into the winter as existing homes are withdrawn from the market.
There’s a lot more to this article.
