The summer housing market is experiencing significant changes as inventory levels rise across the United States. Currently, there are 595,000 unsold homes on the market, a 3% increase from the previous week and 37% more than this time last year. Inventory has increased in 90% of major housing markets, with states like Florida, Arizona, and Texas seeing notable price reductions. Nationwide, home prices rose 5.4% year-over-year in April, but growth is slowing, with some states experiencing price declines. Mortgage rates have climbed back to 7%, impacting immediate sales and price reductions. Despite the increase in listings, demand remains low, with purchase mortgage demand about 45% off from comparable periods in 2018 and 2019. Pending home sales have collapsed as inventory continues to build, and Vancouver has seen a nearly 20% drop in home sales in May. New York has only a fraction more homes than last year, and Miami has been dethroned as the fastest-growing major metro by price. Many cities are back to 2018 levels of inventory, and the risk of overvaluation is growing as the Fed has not slowed its MBS runoff.
Active housing inventory for sale, as measured by https://t.co/tBRH4VEDP8: May 2017: 1,253,854 ๐ May 2018: 1,156,910 ๐ May 2019: 1,180,920 ๐ May 2020: 928,370 ๐ May 2021: 447,662 ๐ May 2022: 479,462 ๐ May 2023: 582,441 ๐ May 2024: 787,722 ๐ https://t.co/Jxc1Vr9O6W
Vancouver home sales fall nearly 20% in May as inventory continues to climb https://t.co/Rh6tEEMYk7
Home prices rose 5.4% Y/Y in Apr, w/ 14 states seeing 7%+ growth; Miami has finally been dethroned as fastest growing major metro by price and FL still has disproportionate share of markets at risk of overvaluation; given Fed hasn't slowed MBS runoff, that risk is growing: https://t.co/dLCeNrKEmy
Pending home sales absolutely COLLAPSE as inventory rises https://t.co/Q0JPqiLT2K
Housing inventory 39% higher than last year. Many canary cities back to 2018 levels and rising https://t.co/DSyj2Fh9bO
Housing supply is up in 90% of major metro markets vs same time last year per ICE Looks like the lock in effect is finally easing? https://t.co/R5RQiIrStb
Home prices are slipping in Florida, Arizona and Texas: Higher mortgage rates mean home sales are slowing. As inventory builds, home prices are lower, especially in Florida, Arizona and Texas. https://t.co/BZtYOLLVXl
Are we seeing the first few states where home prices slip? Thatโs in this weekโs Altos Research housing market data video. [video link follows the thread] Unsold supply of homes continues to climb across the country. Buyer demand softens as mortgage rates stay in the 7s.โฆ
Rates are back in the 7s this week, and we can already see an impact in immediate sales and price reductions. And while home prices are still a bit higher than last year nationally, prices have slipped in a few states. Watch this week's update for more: https://t.co/EDqPpDWq6Q
Some relief for home buyers: Listings have increased in 90% of major housing markets https://t.co/ZQ40hU0QP0
Inventory is climbing and home price growth is slowing. But demand is also falling: Home prices eased to 5.1% annually in April and should continue to cool, but purchase mortgage demand remains about 45% off comparable periods in 2018 and 2019. https://t.co/axe3kg5KKs
Nationwide housing inventory going up like a rocket, prices expected to continue to fall https://t.co/Bgnu2eFX1W
Some important data on SFHs: - 595k unsold homes on the market right now, up 3% week over week. - 37% more than this time last year. - Every state in the country has more unsold inventory now than they did a year ago. NY has only a fraction more homes, but some states likeโฆ
As the summer housing market heats up, more homes are becoming available, suggesting eased competition. However, rising prices and seven percent mortgage rates are making it tough for many buyers to afford a home. https://t.co/2kvMtBufL6