by Calculated Danger on 8/13/2024 08:48:00 AM
Right this moment, 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 normally 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 exhibiting new listings have been up 3.6% year-over-year in June. New listings are nonetheless properly beneath pre-pandemic ranges. From Realtor.com:Sellers continued to checklist their properties in larger numbers this July as newly listed properties have been 3.6% above final yr’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.
Observe 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 might be up year-over-year in 2024, however nonetheless beneath regular ranges.
There are all the time those that have to promote as a result of so-called 3 D’s: Loss of life, Divorce, and Illness. Additionally, in sure occasions, some householders might want to promote resulting from unemployment or extreme debt (neither is way of a difficulty proper now).
And there are householders who need to promote for plenty of causes: upsizing (extra infants), downsizing, transferring for a brand new job, or transferring to a nicer dwelling or location (move-up consumers). It’s a number 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 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 finally a few of them will make the leap. That’s in all probability why we’re seeing extra new listings now.
There’s way more within the article.
