at Calculated Risk on 11/14/2024 11:18:00 AM
Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-November 2024
A letter excerpt:
This 2-part overview for mid-October provides a snapshot of the current housing market.
I always focus first on inventory, since inventory usually tells the tale! I’m watching months-of-supply closely.
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New home inventory, as a percentage of total inventory, is still very high. The following graph uses Not Seasonally Adjusted (NSA) existing home inventory from the National Association of Realtors® (NAR) and new home inventory from the Census Bureau (only completed and under construction inventory).
It took a number of years following the housing bust for new home inventory to return to the pre-bubble percentage of total inventory. Then, with the pandemic, existing home inventory collapsed and now the percentage of new homes is 20.8% of the total for sale inventory, down from a peak of 27.2% in December 2022.
The percentage of new homes of total inventory should continue to decline as existing home inventory increases. However, the percentage of new home inventory will increase seasonally over the Winter as existing homes are withdrawn from the market.
There is much more in the article.