Mixed data complicates macroeconomic forecasts as the June 2023 Commentary by Fannie Mae calls attention to low inventory, continued strength in the labor market, and the likelihood of recession as the Fed continues its restrictive monetary policy.
Byron Lazine and Nicole White discuss the housing inventory crisis, a Ryan Serhant video showing how billionaires act differently, the importance of valuing your client’s time, and a TikTok with real estate tips from billion dollar agents, with Byron’s honest take on authenticity.
Realtor.com® has issued its 2023 Forecast Update, showing a drop in mortgage rates to 6% by the end of the year, a slight decline in home prices, negative rent growth, and the total count for home sales hitting its lowest point since 2012.
A new Redfin report shows a 7.1% annual drop in homes for sale in May to 1.4 million. Record-low inventory is propping up prices and intensifying competition, boosting the average sale-to-list-price ratio to 100% after nine straight months of sub-100% ratios.
A new Realtor.com report highlights 10 U.S. cities with the largest annual increases in housing supply and the top 10 with the largest annual decreases.
Home price gains slowed to the lowest rate on record according to Realtor.com’s May Housing Report. RDC’s records go back to 2016. Supply growth is still slowing and inventory levels are declining in many U.S. metros as fewer sellers enter the market.
Byron Lazine and Tom Toole discuss the debt ceiling deal and what it means for mortgages, whether the housing bill will incentivize sellers, public support for median home building, the May jobs report, and a Lance Lambert Tweet on housing supply.
A new Redfin report shows the share of Redfin.com users looking to relocate to different areas of the country fell 6% year over year—the biggest decline on record—compared to a 23% increase one year ago (April 2022). Within-metro moves fell 17% year over year.
A new Redfin report shows 42.9% of home sales during the three months ending April 30 involved seller concessions—just under February’s record high of 45.6% and nearly double the 25.5% from April 2022.
A new report from Redfin shows the median home sale price dropping 4.1% ($17,603) year over year in April—the biggest annual drop in dollar terms and the steepest annual decline in percentage terms since January 2012.
A new NAR report shows April existing home sales have dropped month over month by 3.4% and year over year by 23.2%. Inventory of unsold existing homes grew 7.2% month over month to 1.04M—equal to 2.9 months’ supply at the current monthly sales pace.
George Ratiu, KCM Chief Economist, joins Byron Lazine, Tom Toole, and Lisa Chinatti to discuss a bi-partisan affordable housing bill, U.S. debt default warning, flat inventory, how inflation impacts the 30-year fixed, and three reasons why buyers are not overpaying.
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