Home News ‘Bad news for homeowners’: The number of homes on the market is rising. That’s unusual for this time of the year.

‘Bad news for homeowners’: The number of homes on the market is rising. That’s unusual for this time of the year.

by admin
0 comment

It took a while, but it finally happened. Despite the generally slow season for the real estate sector, the number of properties for sale on the market is increasing.

Data from Altos Research shows that housing inventory has reached a new peak this year.

Inventory bottomed out in early March of this year and is now up 137%, according to company data. Housing blogger Bill McBride.

As of October 21, there were 572,000 single-family homes on the market, up 1% from the previous week.

“Usually at this time of year there are fewer new listings and the summer sales are still over, so inventories are down.” said: Video posted on October 24th.

“But this year is different,” he added.

“With little buyer action, … [little] New supplies hit the market every week, less than usual, but more stock each week,” he said.

And Simonsen predicts that inventory will continue to grow in the “more weeks” leading up to Thanksgiving.

“There is no precedent for stocks to continue to grow in the second half of the year,” he added.

With mortgage rates firmly above 7%, homebuyers feeling doomed and pessimistic may breathe a sigh of relief at this news. According to the 30-year fixed rate, the average is 7.29%. Mortgage News Daily.

Simonsen said the biggest inventory increases were in Arizona, Georgia and Texas.

In Texas in particular, the number of single-family homes on the market has surged 10% since the beginning of September, he said.

And against the backdrop of high interest rates and rising inventories, Altos Research has seen price cuts and “no signs of plateauing yet,” Simonsen said.

He said about 43% of the market has been discounted, as seen in his tweet below.

According to the latest S&P Case-Shiller data, Home prices fall for second month in a row The last time it happened in 2012 was in August, according to ING’s chief international economist, James Knightley.

“Rising mortgage rates and a growing inventory of homes for sale are weakening demand, which means house prices are likely to fall even more sharply,” Knightley added. “It’s bad news for new homeowners, but it could help bring down broader inflation quickly.”

Thinking about the housing market? Write to MarketWatch reporter Aarthi Swaminathan ([email protected]).

You may also like