Found 27 blog entries tagged as Inventory.

Is The Housing Market Really Stabilizing?

One of the ways to measure the balance between supply and demand in real estate is to use the ‘Months Inventory of Homes for Sale’ metric. It represents the number of months it would take to sell all the homes currently on the market if no new homes were listed.

NAR, KCM Months' Supply of Homes for Sale

National: Months’ Supply of Homes for Sale

National View: Inventory is starting to grow, a sign that the market could be starting to balance out. Month’s supply was at 4.0 for July. According to Lawrence Yun, the Chief Economist at the National Association of REALTORS, said this week, “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and…

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Record Number of Buyers Back Out of Deals

In July 2024, approximately 59,000 home-purchase agreements were canceled, representing 15.8% of homes that went under contract that month—the highest percentage recorded for any July since Redfin began tracking this data in 2017.

Ralph’s Take

The increase in cancellations is largely driven by high housing costs and growing economic uncertainty, with many buyers reconsidering their decisions amidst fears of a potential recession. The trend was particularly pronounced in Florida and Texas, where the housing markets have cooled significantly post-pandemic.


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July’s Real Estate Statistics for Westchester

New Listings and Median Home Prices had gains across all property types last month while the total amount of homes for sale continued to decline.

  • Single-family home sales in Westchester County saw a 6.6% increase in new listings and a 1.6% rise in closed sales, with the median sales price up 6.3% to $1,010,000.

  • Condos experienced strong growth, with new listings up 18.5%, closed sales up 30.5%, and a 16.7% increase in the median sales price to $525,000.

  • Cooperatives had mixed results, with new listings up 18.4%, but closed sales down 10%, while the median sales price rose slightly by 1.9% to $214,000.

Ralph’s Take

It’s…

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Where the Market Is Heading by Year-End

The view from Sailhouse in Tarrytown

Realtor.com® 2024 Forecast Update predicts that home prices and inventory will end the year with gains. Inventory is expected to grow as sellers remain patient, waiting for buyers rather than delisting. Despite high mortgage rates, median home prices are forecasted to rise due to a resilient economy and limited supply. The mortgage lock-in effect is easing, contributing to the inventory increase, while mortgage rates are expected to decrease slightly, potentially boosting homebuyer activity in the latter half of the year.

Additional Projected Points:

  • Lower Rates Finally Arrive: Mortgage rates to average 6.3% by end of the year

  • Home Sale Prices Continue to Climb:…

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Westchester’s New Listings Have Likely Peaked for 2024

Westchester County: The peak for monthly new listings has likely already been reached this year. Excluding 2020, the majority of new listings typically come on the market in April or May. This year’s peak occurred in April, one month earlier than last year, and with approximately the same numbers (727 down from 731). Here’s the data I gathered from OneKey MLS®.

2013: 1,322 (April)

2014: 1,334 (May)

2015: 1,395 (April)

2016: 1,163 (April)

2017: 1,224 (May)

2018: 1,292 (May)

2019: 1,280 (May)

2020: 1,261 (June)

2021: 1,116 (April)

2022: 952 (May)

2023: 731 (May)

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Home Prices Soar, Setting a New Westchester Record

According to the Hudson Gateway Association of Realtors (HGAR), the median sales price for single-family homes saw a notable increase across nearly all regions in June, despite a drop in sales volume. Westchester hit a new record high for the median single-family home price at $1,031,500 in June—a 12.7% increase over last year’s median home price of $915,000. Here's the highlights of the report:

  • Sales Decline: All counties in the HGAR market area saw a drop in sales, with Orange County experiencing the largest decline at 26.9%.

  • Price Increase: Median sale prices rose sharply, reflecting higher demand than available home inventory.

  • Regional Variations: While…

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FORTUNE: HOMEOWNERS SITTING ON A RECORD AMOUNT OF EQUITY

Home prices are significantly higher than before the pandemic, driven by buyers using record amounts of equity. Realtor.com’s chief economist, Danielle Hale, highlights that buyers not affected by current mortgage rates are opting for more expensive homes. This trend is also evident among sellers, particularly baby boomers unaffected by high mortgage rates. Here’s what else the Fortune article reports:

  • Baby boomers: 17% are free of the lock-in effect

  • Mortgage rates: Averaging 7.14% daily, 6.86% weekly.

  • Market shift: Increase in lower-priced home inventory

  • Future outlook: Potential for mortgage rate drops may stabilize or further shift prices…

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