A brief excerpt:
This 2-part overview for mid-October provides a snapshot of the current housing market.
I always focus first on inventory, since inventory usually tells the tale! And currently inventory is increasing year-over-year but is still well below pre-pandemic levels.
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Here is a graph of new listing from Realtor.com’s September 2024 Monthly Housing Market Trends Report showing new listings were up 11.6% year-over-year in September. New listings are still well below pre-pandemic levels. From Realtor.com:
Perhaps the biggest news this month is that sellers stormed back this September as newly listed homes were 11.6% above last year’s levels and a significant reversal from August’s 0.9% decrease. We noted last month that the sharp decrease in mortgage rates seen in mid-August could lead to an increase in listings in the coming months as lower rates begin to entice the marginal homeowner to sell, and that’s exactly what happened in September.
Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but still well below normal levels.
There is much more in the article.