by Danger calculated on 27/10/2022 12:33:00
actual property agent.com has month-to-month and weekly knowledge on the resale market. Right here is their weekly report launched at the moment by Chief Economist Danielle Hale: Weekly View of Housing Tendencies — Information week ending October 22, 2022. Observe: They’ve knowledge on record costs, new listings, and extra, however the focus is on stock.
• Lively stock continued to develop, growing 36% from a yr in the past. In final week’s housing traits view, which marked the primary huge development improve in energetic stock since July, we supplied a useful abstract of the historic context and timing of latest stock developments. This week we noticed one other huge improve within the energetic stock development (from 34% final week to 36% this week), though new listings stay weak, and the driving issue is identical: rising charges mortgages, which have been very near 7% final week and are prone to exceed that mark this week.
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• New listings — a measure of sellers placing properties up on the market — fell once more, falling 13% from a yr in the past. This week marks the sixteenth consecutive week of year-over-year declines within the variety of new listings put up on the market. This week’s drop was a bit smaller than final week’s, however nonetheless means fewer new choices for house consumers out there. Seasonally, fewer householders plan to promote their properties because the climate cools and the vacations method, however this sort of change in year-over-year development indicators a cooling that is not simply seasonal.
Here’s a graph of the change in shares from one yr to the following in keeping with actual property agent.com.
Observe the speedy improve in YoY change earlier this yr, from a 30% decline firstly of the yr to a 29% YoY improve in early July.
Then Realtor.com knowledge has stalled round 26% to 30% YoY for 14 straight weeks. That is defined by the slowdown in new listings, though gross sales had fallen sharply.
Now, annual stock is rising once more with even larger mortgage charges, suggesting that gross sales are extra essential than new listings.