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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 533
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How will mortgage rates impact seasonal inventory in 2024?

Housing Wire

19-26) : Inventory fell from 503,233 to 497,389 Same week last year (Jan. 19-26) : Inventory fell from 503,233 to 497,389 Same week last year (Jan. New listings were trending at the lowest levels ever in 2023, but that should not be the case in 2024. I also wrote about the jobs report in this article.

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Higher mortgage rates haven’t increased inventory

Housing Wire

Last week, mortgage rates hit a 21st-century high, the 10-year yield closed slightly higher than my peak forecast for 2023 , and housing inventory growth was still slow. Mortgage rates went from 7.19%% to 7.37%. Last year, the seasonal decline took longer than usual, but 2022 was an abnormal year with mortgage rates.

Mortgages 370
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Will we start 2022 with all-time lows in housing inventory?

Housing Wire

My biggest concern for housing in the years 2020-2024 was that if the demographic push in demand picks up and total home sales get over 6. 2 million , we could be at risk of housing inventory falling to such low levels that I would have to categorize this housing market as unhealthy. million new and existing home sales combined.

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Why purchase application data is below 2008 levels

Housing Wire

The years 2020-2024 were going to be the time when total home sales could finally reach 6.2 million, something that couldn’t happen from 2008-2019 because we didn’t have the demographic profile to get to that level until household formation grew. Wednesday’s purchase application data was up 1% from week to week.

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Housing Market Tracker: Inventory is negative YOY

Housing Wire

Housing inventory finally broke under 2022 levels last week. To give you an idea how different this year is from last year, last week in 2022, active listings grew 30,940 while this year they only grew 5,848. However, I need to put some context into what happened in 2022.

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Days on market grow despite low inventory for existing homes

Housing Wire

The National Association of Realtors (NAR) reported today on two trends in existing home sales that we have seen for many months now: sales are declining while total inventory data has fallen directly for the three straight months. The Federal Reserve wanted to see the bidding wars end and the days on the market grow.