WRE News January 12, 2024
Buyer
Nearly half of the nation’s 50 largest metro areas record year-over-year increases with their housing inventory levels last month, according to new data from Realtor.com.
During December, there was a 9.1% uptick in the number of more newly listed homes compared one year ago; compared to November, there was a 5.5% inventory increase. Out of the 23 metros with a greater inventory compared to one year earlier, the highest annual increases were seen in Memphis (28.5%), New Orleans (25.5%) and San Antonio (20.9%). Realtor.com noted that December marked the first time since last May when home shoppers were seeing a larger number of unsold homes on the market.
“Across the U.S. we’re seeing improvements in inventory levels, especially in the South, which experienced a 7.7% increase in active listings year-over-year,” said Danielle Hale, chief economist, Realtor.com. “While the uptick in December inventory levels is encouraging, it is important to note that two-thirds of outstanding mortgages in the U.S. have a rate under 4% and more than 90% have a rate less than 6%. We are optimistic that inventory levels are moving in a positive direction, but the number of homes on the market is still low relative to pre-pandemic levels. Some sellers are clearly motivated already, but other households may hold out for lower rates before selling or moving to new homes.”
Stay up to date on the latest real estate trends.
December 1, 2024
Mortgage rates remained flat ahead of the Thanksgiving holiday weekend, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).
December 1, 2024
With the holidays right around the corner, homeowners planning to move have a decision to make: sell now or wait?
December 1, 2024
Painting is one of those home improvement tasks that people either love or despise.
November 30, 2024
Though there was already plenty for Allison Hope Kahn to like about working at Mastercard, it was the afternoon she and her colleagues spent volunteering at a nature p… Read more
November 30, 2024
Located on the beautiful coastline of the Gulf of California, Loreto is a year-round playground for fishing, surfing and boating.
November 30, 2024
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today