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Current state of the housing market; mid-June 2024 overview

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Realtornewmay2024.png

by Calculated Risk June 12, 2024 12:16 PM

Today’s Calculated Risk Real Estate Newsletter: Part 1: Current state of the housing market; mid-June 2024 overview

Short excerpt:

Our two-part mid-May overview will provide an overview of the current housing market situation.

I always like to start with inventory. Inventory is usually Telling a story!

See a chart of new property listings on Realtor.com here Monthly Housing Market Trends Report for May 2024 New listings in May increased 6.2% year over year. New listings are still well below pre-pandemic levels. From Realtor.com:

However, sellers continued to put their homes on the market in May, with new listings up 6.2% from last year. While that was a notable slowdown from last month’s 12.2% increase, it marked the seventh consecutive month of increases in listings after 17 consecutive months of declines.

Be aware of the seasonality of new listings: December and January are the months with the least number of new listings seasonally, followed by February and November. New listings in 2024 are expected to increase year-over-year but still remain below normal levels.

There will always be people who have to sell their homes due to the so-called three D’s – death, divorce, and illness – and at certain times, people may have to sell their homes due to job loss or heavy debt (neither of which are big issues right now).

And some homeowners want to sell for a variety of reasons, including wanting to upsize (more kids), downsize, move for a new job, move to a better home or location (upgrade buyers), etc. It is a portion of the “want to sell” group that has been held in gold handcuffs for the last few years because with current mortgage rates around 3% and new mortgage rates over 7% it is financially difficult to move.

However, time is of the essence for this “want to sell” group and some of them will eventually take the plunge, which is probably why we are seeing more new listings now.

There’s a lot more in the article.

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