Yeah... inventory levels have been rising on a national basis to closer to 10-11 months. Which is up about 80% from the 5.7 months at the beginning of this year.Troglodyte said:
Surprised about that 19% decrease on Days on Market.
Quote:
HOUSTON (September 14, 2022) The Houston housing market continued easing its way to pre-pandemic levels with an August that marked the fifth consecutive month of declining sales and rising inventory. However, a surge in single-family leases demonstrates that consumers didn't just suspend purchases due to rising prices and interest rates, but they pivoted to the rental market. These factors have enabled housing inventory to grow to its highest level in two years.
"We are easing our way back to the housing market that existed prior to the pandemic," said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. "For the past two years, Houston housing has been like a runaway train, and what we've been seeing most recently is an engineer, finally at the throttle, applying the brakes so the train can pull safely into the next station. It's important to note that transactions are still happening, just not at a whirlwind pace or record pricing levels, and that is perfectly healthy."
So why are BCS Days on Market down?Red Pear BCS Luke said:Yeah... inventory levels have been rising on a national basis to closer to 10-11 months. Which is up about 80% from the 5.7 months at the beginning of this year.Troglodyte said:
Surprised about that 19% decrease on Days on Market.
Edit: here is the link to the St Louis FRED data. We will get an update on the August Numbers on the 21st.
https://fred.stlouisfed.org/series/MSACSR
With rising interest rates, homes are going to have to decline quite a bit to make up the difference. Buyers doing the best will be those with the cash to get a deal done, otherwise those requiring financing still won't have the purchasing power necessary without a steep decline in home prices.Medaggie said:
Give it another 6 months and YOY home prices will be down 10-20% IMO with inflation, fed rate, then interest rates all rising.
It will be a buyers market soon, just not yet.
If we are talking Texas, I'll take that bet.Medaggie said:
Give it another 6 months and YOY home prices will be down 10-20% IMO with inflation, fed rate, then interest rates all rising.
It will be a buyers market soon, just not yet.
https://www.abor.com/august-2022-central-texas-housing-market-reportQuote:
Active listings in the five-county area skyrocketed 170.2%, causing housing inventory to reach 2.9 months the highest inventory level since September 2018. Additionally, year-over-year home price growth was less than 6% for the first time since June 2020. The median home price increased by 5.5% annually to $496,039, setting a price record for the month of August while also indicating a normalization of home price appreciation that economists say is consistent with historical norms.
"I want to be very clearmarket shift does not mean that we are in a downturn, and it doesn't mean that Central Texas home values have been overvalued," Cord Shiflet, 2022 ABoR president, said. "Home prices are still appreciating, just at a more reasonable rate, that's more in-line with what we have seen historically. Homes are still selling close to list price, which is great news for buyers and healthy for our housing market. If you've been thinking about selling your home, it's important to work with a REALTOR and make sure you're pricing your property correctly in the middle of this changing market."
In August, residential home sales declined 23% year over year to 2,924 closed sales. Sales dollar volume declined 14.7.% to $1,844,350,661, while new listings dipped slightly at 6.2% to 4,121 listings. Homes spent an average of 31 days on the market, the first time average days on market has topped one month since February 2018.
Austin area home prices already down. Compare July to August.Troglodyte said:If we are talking Texas, I'll take that bet.Medaggie said:
Give it another 6 months and YOY home prices will be down 10-20% IMO with inflation, fed rate, then interest rates all rising.
It will be a buyers market soon, just not yet.
Quote:
HOUSTON (September 21, 2022) The leased home market continues to draw strong interest among consumers who may have had to put their homebuying plans on hold with interest rates and pricing up and inventory slowly growing back. According to the Houston Association of Realtors' August 2022 Rental Market Update, single-family home rentals jumped 19.2 percent year-over-year, with the average rent up 7.3 percent to an all-time high of $2,313. A total of 3,639 leases were signed compared to 3,052 in August 2021.
New listings of single-family rentals rocketed 44.2 percent, creating a broad selection of housing for consumers. Days on Market, or the actual number of days it took to lease a home, rose from 17 days to 22.
"Houston's rental market remains strong with a healthy dose of new listings that hit in August, and that means those who have had to postpone the homebuying process have plenty of housing options available," said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. "We are seeing more activity among single-family leases versus townhomes and condominiums, but rents are up among both segments."
Red Pear Realty said:
HOUSTONInterest rates are way up compared to a few months ago, but smart buyers and sellers are figuring out ways around this in order to get deals done at good numbers.
K_P said:Red Pear Realty said:
HOUSTONInterest rates are way up compared to a few months ago, but smart buyers and sellers are figuring out ways around this in order to get deals done at good numbers.
What do you mean by this bullet?
leighann said:
When housing prices fall, do rental rates typically follow?
Robert C. Christian said:
Looking at that data, I am so thankful we were able to sell in June and get just below asking.
Meanwhile this house just down the street which listed way too high about the same time continues to drop prices like a rock: https://www.zillow.com/homedetails/454-Geary-Dr-Rockwall-TX-75087/80258900_zpid/
that's one ugly houseRobert C. Christian said:
Looking at that data, I am so thankful we were able to sell in June and get just below asking.
Meanwhile this house just down the street which listed way too high about the same time continues to drop prices like a rock: https://www.zillow.com/homedetails/454-Geary-Dr-Rockwall-TX-75087/80258900_zpid/
I know and, looking back on it now, I am glad they listed about the same time as ours. Really helped us stand out as a much nicer house.Diggity said:that's one ugly houseRobert C. Christian said:
Looking at that data, I am so thankful we were able to sell in June and get just below asking.
Meanwhile this house just down the street which listed way too high about the same time continues to drop prices like a rock: https://www.zillow.com/homedetails/454-Geary-Dr-Rockwall-TX-75087/80258900_zpid/
Either really ****ty seller, or really ****ty realtor.Robert C. Christian said:
Looking at that data, I am so thankful we were able to sell in June and get just below asking.
Meanwhile this house just down the street which listed way too high about the same time continues to drop prices like a rock: https://www.zillow.com/homedetails/454-Geary-Dr-Rockwall-TX-75087/80258900_zpid/
Diggity said:that's one ugly houseRobert C. Christian said:
Looking at that data, I am so thankful we were able to sell in June and get just below asking.
Meanwhile this house just down the street which listed way too high about the same time continues to drop prices like a rock: https://www.zillow.com/homedetails/454-Geary-Dr-Rockwall-TX-75087/80258900_zpid/
https://sabor.com/Market-Research-and-Statistics/Market-Statistics/San-Antonio-Area-Market-ReportQuote:
Other major counties in the state also saw increases in average and median prices, however, Bexar County remains the lowest when compared. Travis County reported a median price of $600,000, Harris Co. $327,000 and Dallas Co. at $365,000.
