CourtTrax Title Research: Housing Trends
Median listing prices have been close to flat or increasing at a steadily slow rate YOY every week since late July. This growth has actually tied as the highest point since May. Comparatively it is interesting to see home prices remaining 5.6% below this past summer’s peak this week. Depending on the outcome of mortgage rates we could see pressure on the direction of housing prices as growing demand tightens around low inventory levels. Conversely, should we see a positive response from homeowners to decreasing mortgage rates, we could see a more stable market overall.
New listings are up currently by 5% from a year ago. The total new listings are lower in 2023 than mid to end of 2022 specifically from the mortgage rates previously locked in by homeowners with low-rates existing already from years previous. With more owners placing their homes on the market due to economic constraints in an effort to sell, this has improved the number of houses listed.
The active inventory listed has increase minimally by 1.5% since a year ago. This reflects what has been concluded as a seasonal trend from years past entering December and beginning of new years. But what we are able to see from a more macroeconomic level the nations housing supply is vastly undersupplied compared to years past. Reported by Realtor.com the amount of homes for sale is below the pre-pandemic level this past October.
At a glance we can that the median price per listing is holding a slow growth rate year over year with 1.2% at the week’s end of November 18th, 2023 and total increase of 2.5% for November 2023 vs 2022. What seems to be a large pain point in the American housing marketing is the number of houses listed currently sitting -14.6% for 2023 comparatively to same timeframe of November 2022. Lastly, the number of listing on the market at this current point in time is sitting considerably higher at 22.1% that does have more macroeconomic factors making it hard to contemplate purchasing a home in the current economic standings.
All facts and information for this post were taken from Realtor.com in a effort to improve the outlook for our clients representing the title industry. For more information surrounding the information mentioned in this article visit Realtor.com/research.