Tuesday, September 12, 2023 / by Richard Eimers
Sellers stopped selling and some buyers stopped buying, but demand still outweighs supply. The result: Declining sales prices may have bottomed out in early summer.
NEW YORK – After falling on a year-over-year basis for five consecutive months, U.S. home prices increased in July. The recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected after mortgage rates soared last year.
Analysts note that high interest rates have prompted homeowners to stay put rather than buy new homes and take on more expensive mortgages, resulting in an unusually low inventory of homes for sale.
The current market has a much lower overall volume of transactions, with sales of previously owned homes now down approximately 36% since January 2022 – but prices are generally holding firm outside of a few trouble spots as lower demand continues to outweigh a tighter supply.
The national median existing-home sale ...
Tuesday, August 29, 2023 / by Richard Eimers
Mortgage rates kept climbing in the last week. Buyers in this real estate market notice these affordability changes, and so we can see in the data fewer home purchase offers, slightly climbing unsold inventory, and slightly more price reductions for the homes that are on the market.
Rising rates makes more inventory. So how much inventory will we add this fall? As of now, these slowing signals are subtle. If mortgage rates jump to say 8%, that’s when we’d see big changes in inventory and home prices.
Every week Altos Research tracks every home for sale in the country. We analyze all the pricing, supply and demand, and all the changes in that data and we make it available to you before you see it in the traditional channels. If you aren’t using Altos market reports with your clients, your buyers and sellers, now might be the time to step up. Go to altosresearch.com and book a free consult with our team. Because everyone is worried about what’s happening right n ...