by Calculated risk on 9/13/2022 01:24:00 PM
Today, in the calculated real estate newsletter: the current state of the housing market
Three major changes have occurred recently in the housing market:
1. New listings decreased significantly year on year.
2. The “sellers’ strike” halted stock growth.
3. Homeowners continued to borrow against their home equity, and moved from cash refinancing to home equity loans (so they could keep low interest on their first mortgage).
In July, the stock is still low, but it is increasing rapidly. However, the drop in new listings has stalled stock growth recently.
Here is a graph from Realtor.com’s August Housing Trends report.
Next week, existing home sales are likely to show another sharp drop in year-over-year sales for August – with sales solidly below 5 million SAAR again. Housing starts are likely to show further declines (the number of homes under construction still close to the record).
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