by Calculated Threat on 6/12/2024 12:16:00 PM
At present, within the Calculated Threat Actual Property E-newsletter: Half 1: Present State of the Housing Market; Overview for mid-June 2024
A short excerpt:
This 2-part overview for mid-Might supplies a snapshot of the present housing market.
I at all times like to start out 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 Traits Report exhibiting new listings had been up 6.2% year-over-year in Might. New listings are nonetheless properly beneath pre-pandemic ranges. From Realtor.com:Nonetheless, sellers continued to listing their properties in increased numbers this Might as newly listed properties had been 6.2% above final yr’s ranges. Whereas a notable deceleration from final month’s 12.2% development price, it marks the seventh month of accelerating itemizing exercise after a 17-month streak of decline.
Observe the seasonality for brand spanking new listings. December and January are seasonally the weakest months of the yr for brand spanking new listings, adopted by February and November. New listings can be up year-over-year in 2024, however nonetheless beneath regular ranges.
There are at all times those that must promote as a result of so-called 3 D’s: Loss of life, Divorce, and Illness. Additionally, in sure occasions, some owners might want to promote as a consequence of unemployment or extreme debt (neither is far of a difficulty proper now).
And there are owners who need to promote for various causes: upsizing (extra infants), downsizing, shifting for a brand new job, or shifting to a nicer residence or location (move-up patrons). It’s a few of the “want to sell” group that has been locked in with the golden handcuffs over the past couple of years, since it’s financially tough to maneuver when your present mortgage price is round 3%, and your new mortgage price can 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’s way more within the article.
