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Why home prices haven’t crashed even with high mortgage rates

Housing Wire

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023. Now lets take a look at the weekly inventory data.

Mortgages 526
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Existing home sales lay the path for the 2024 housing market

Housing Wire

However, this time around, the Federal Reserve rate hike cycle is over, and we don’t need to worry about Fed presidents going on CNBC in 2024 crying about 6% mortgage rates making their lives difficult. Then sales stopped declining around 4 million — a critical level I have talked about for years. million in November.

Sales 444
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Housing Market Tracker: Purchase apps surprise

Housing Wire

Mortgage rates were near 7% last week but purchase applications were still able to pull out an 8% week-to-week gain. Purchase apps were coming off a four-week losing streak and even though those were mild week-to-week declines, it was still four weeks of weakness. Active housing inventory grew while new listing data fell.

Marketing 469
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Existing home sales are working from a historic low bar

Housing Wire

Today, we saw existing home sales slip a bit month to month, which isn’t surprising to me as purchase application data started its positive run in November. I always stress this because of my core belief that it’s rare in America to have existing home sales trend below 4 million after 1996. From NAR : Existing-home sales waned 1.0%

Sales 429
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How will mortgage rates impact seasonal inventory in 2024?

Housing Wire

How will mortgage rates impact seasonal inventory in 2024? Also, when mortgage rates rise, the inventory peak happens later in the year. Since eight of the last nine weeks (excluding the holiday period) have had positive purchase application data, I might need to wait a few more weeks before we see the seasonal bottom.

Mortgages 506
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Housing inventory crisis continues in 2022

Housing Wire

Unfortunately, that didn’t happen and recent data shows that we are at fresh new all-time lows in housing inventory, with mortgage rates and the unemployment rate both under 4% currently. Mortgage demand needs to slow down. Inventory always falls in the fall and winter, but I hoped it wouldn’t be a repeat of 2020.

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Logan Mohtashami’s 2023 housing market forecast

Housing Wire

The 2022 housing market was savagely unhealthy , with all-time lows in inventory leading to massive bidding wars and price spikes until the Fed put a screeching halt to all of it with rate hikes that resulted in the most significant one-year spike in mortgage rate history. national home price decline. Mortgage rates.

Marketing 538