Found 3 blog entries tagged as housing supply.

New Housing Supply

The United States and the real estate market is experiencing a massive imbalance of supply and demand for new home housing. A question we need answers to is how long will it take new home builders to catch up with inventory? The U.S. has a current home definite of 4 to 5.5 million, an alarming statistic to note when only 6 to 7 million homes are sold annually. The supply of new construction homes needs to rise to even out the 5.5 million home deficit. The challenge comes from the recent increase in interest rates. New construction permits are actually down 3.2% from March to April. So, let's evaluate the new home housing supply and answer the rising question of how long until new home builders catch up with inventory? Building…

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Housing Prices Dropping

We finally have some good news to report for buyers! Nationally, nearly one out of five home sellers have dropped their listing price for the four weeks ending May 22nd. According to Redfin, this is the highest number of price drops since 2019. This is good news for buyers because sellers are having a harder time pushing up home values, which is evidenced by the increase in price drops.


Locally we're starting to see this in the higher price points, especially above $650,000. Before buyers get too excited though, it's important to note that 40% of homes nationally had a contract within one week and 55% within two weeks of all homes that sold. Homes also had a median national average of 15 days on market, which is down…

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Housing Supply Rebounding?

Active inventory of homes grew for the first time since 2019, so what does this mean for the housing market? Realtor.com recently reported that the weekly inventory was up slightly year over year. The number is still rounded down to about 0%, but this is still a good sign with three straight years of declining inventory.

According to this chart, it shows approximately 409,000 active homes across the U.S. which is up from a low of 376,000 active homes that we had in February. We're still down approximately 70% over the past four years with still approximately two weeks worth of supply locally. This is much lower than a balanced market of four to six months worth of supply.

Average mortgage rates have risen…

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