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As the lock-in effect eases, the market for new homes is shrinking

Housing Wire

As high mortgage rates reshape the housing market, existing homes are making up a larger percentage of for-sale inventory, and homebuyers are taking notice. NAR data shows that the annualized rate of existing-home sales dropped 1% from August to September, landing at 3.84 The sales pace was down 3.5% million units.

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Home sellers who didn’t list on the MLS lost $1B in sale proceeds: Zillow

Housing Wire

Home sellers who did not list their properties on the MLS lost out on more than $1 billion in sale proceeds over the past two years, according to a study published Monday by Zillow. million sales transactions, comparing homes that sold on the MLS with privately listed sales. loss recorded in majority-white neighborhoods.

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Realtor.com: Federal land sales would offer limited housing relief

Housing Wire

In contrast, the most pressing shortages are found in places like the Northeast, which faces an estimated deficit of 830,000 homes but has little to no available federal land to support new construction. To construct 3.8 The report estimates that nearly 10 million acres of land would be needed to build 3.8

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Here are the cities that lead the nation in new-home construction

Housing Wire

New-home sales have been a bright spot in housing markets across the country that have been struggling for years with high mortgage rates and low inventory. But the benefits of newly built homes are spread unevenly, as markets in the South tend to have more construction than other regions.

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Nearly half of home sellers are offering concessions

Housing Wire

According to a new report from Redfin , 44.4% of home sales from January through March included concessions such as money toward repairs, closing costs or mortgage rate buydowns. According to a new report from Redfin , 44.4% Thats up from 39.3% a year ago and close to the record figure of 45.1% at the start of 2023.

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What’s keeping homebuilders from large-scale layoffs?

Housing Wire

Todays new construction report from the Census Bureau showed month-to-month growth in housing starts, but falling housing permits. However, employment for residential construction workers hasnt fallen at all, even with the decline in housing starts and permits. What’s going on? This is 11.2 percent (15.7 percent (13.0

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Midwest, Northeast housing markets stay hot amid national cooldown

Housing Wire

Rich Bradford, broker associate with The Bradford Team at RE/MAX One Realty in Haddonfield, New Jersey, said the results for his local market could be even better if so many potential sellers werent locked in by low mortgage rates. First-time homebuyers stimulate sales, you know. Its just the way it is. They keep the market healthy.