View Housing Trends Weekly – Data Week Ending Sep 17, 2022

Our research team releases regularly Monthly Housing Trends Reports. These reports detail inventory metrics such as the number of active listings and market pace. In addition, we continue to provide readers with more timely weekly updates, an effort launched in response to rapid changes in the economy and housing as a result of the COVID-19 pandemic. Overall, you can look forward to viewing weekly housing trends and Thursday’s latest weekly housing data with a stretch Weekly video update From our economists on Friday. This is what the housing market looked like last week.

What does this week’s data mean:

Despite the slight uptick, the general trend of home price growth is cooler, with the rate significantly lower than what we saw between March and August. This typical seasonal trend, combined with an already cold market Responding to tighter financial conditions, means that homes stay on the market longer than they did one year ago. Although the number of newly listed options was lower last week, today’s shoppers have more than 5 homes to consider for every 4 homes they had at this time a year ago. It will be preferred by frequent buyers and knowledgeable people who are ready to buy, especially with the season quickly approaching Best time to buy.

In addition to seasonal lulling, 30-year fixed mortgage rates crossed 6% this weekIt is the highest level since the fall of 2008. While Sellers were already less optimistic about conditions More than a year ago, rising mortgage rates may worsen their confidence, despite the fact that overall, Selling conditions remain relatively favorable. Some sellers have responded to the shift by backing off the new listings, while others are reacting by lowering asking prices, especially for those hoping to sell before the end of the year. by buyers, There is no doubt that an increase in the mortgage rate will make home buying more difficult, but buyers may still find opportunities These changes coincide with the time of year that buyers have historically found The best market conditions for greater bargaining power.

Main results:

  • Average listing price grew 13.1% over last year.

The typical asking price for homes for sale continues to exceed last year’s level in double digits, reaching the 40th week in double digits. while tThe pace of last week’s decline is advancing, and it still represents the second slowest growth since March. Home prices usually drop as we move into the second half of the year, which is one of the main seasonal trends that help make fall The best time to buy a house, Especially for first time buyers. This year’s data suggests shoppers in the best week, from September 25 to October 1, may see the national average list price of $20,000 less than The highest level recorded in June at 450 thousand dollars.

  • New listings – the measure of sellers offering homes for sale – are down again, down 10% from a year ago.

This week marks the eleventh consecutive week of year after year of declines in the number of new listings for sale, and this week the data continues to maintain a double-digit territory. While the latest Federal Reserve data confirms that homeowners considering selling are still in good shape, Sitting on a record high of real estate equity at the end of the second quarterrecent scanning data shows that Sellers are less optimistic about conditions compared to last year. Plus, the latest 30-year mortgage rates 6% succeeded For the first time since 2008, which may dampen new listing trends.

  • Active inventory continued to grow, 28% better than last year.

The number of homes for sale has increased as buyers and sellers navigate a rebalancing housing market with changing advantages and challenges. Today’s shoppers have more homes to consider than last year’s shoppers, but the market has not yet returned to the stock levels it had before the pandemic. In fact, we have Housing trends report for August It showed that the number of active listings still lags behind 2020 and 2019 levels by more than 7% and 43%, respectively. Still, shoppers have more options than they have in a long time. Moreover, we are approaching fall, which is usually the highest annual seasonal level of active stock, and one of the many reasons why we define Late September is the best time to buy a house.

  • Homes spent six more days on the market compared to this time last year.

For the eighth week in a row, homes are staying on the market longer than last year, but for the pre-pandemic period, shoppers need to make faster decisions. Depending on the location, shoppers may also find more or less time in the market. our August’s Warmest Market Report It shows that some of the most dynamic and in-demand markets at the moment are regions in the Northeast and Midwest that provide buyers with affordability. and with More home-hunting shoppers across state lines than ever beforeAffordable areas are likely to see continued demand.

Data Summary:

All changes on an annual basis From the beginning of the year to date 2022 Week ending September 3, 2022 Week ending September 10, 2022 Week ending September 17, 2022
Average Listing Prices + 14.5% + 13.4% + 11.7% + 13.1%
new listings +2% -6% -13% -10%
Active ads + 3% + 27% + 27% +28%
time in the market 5 days faster 5 days slower 6 days slower 6 days slower

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Jiay Shu,

Daniel HillDaniel Hill

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