What does the newest housing market data say?

homes in Rochester, NY | mortgage rate news

What does the latest housing market data say?

Mike Simonsen at Altos Research has put together his latest weekly update on the housing market. A lot of the current trends are impacted by seasonality, but there are other factors, such as rates and home prices, that are impacting decision making.

What did the data have to say? We’re continuing to see a continued surge in inventory. As of this past week, there are roughly 546,450 unsold single-family homes on the market, up 1.7% WoW, and inventory isn’t showing any signs of slowing. Housing inventory could end up higher than last year in November if inventory continues to grow in October.

The sales rate for homes has been slow all year, and it’s starting to slow down heading into the winter.

However, we’re seeing 38.4% of homes listed cutting prices in the current market, and that number appears to be on the rise. It’s still lower than last year’s 42.1% percentage of listings with price cuts, but it’s still climbing and may continue to climb into the winter.

Listing prices are still up about 1%-to-3% on average, but there have been signs that the home prices are off peak.

Which affordable metro areas are becoming hot markets?

Rochester, NY topped the list of hot housing markets in August 2023. Under normal conditions that would be a bit of a surprise, but this market isn’t quite what we’ve grown accustomed to.

Rochester has a median home price of $250,000, far below the national average of $435,450. It’s also located near Lake Ontario, and not far from tourist hot spots in Canada. It also boasts a few very well-run school districts.

It’s a story that may continue repeating itself over the next few years. A normally low-ley housing market heats up due to affordability, a good location, and good schools. Rochester is just the latest example.

What are the coolest neighborhoods in the US?

It’s hard to say what makes a neighborhood cool. For some places it’s the unique shops, for others it’s the local flavor, for others it’s a trendsetting community. Travel website Love Exploring put together a list of the coolest neighborhoods in the U.S. They didn’t divulge their formula. That would be uncool. They also didn’t rank them. Rankings are also uncool.

Neighborhoods on the list ranged from the iconic Mission District in San Francisco to ‘Bed-Stuy’ in Brooklyn. They also highlighted art districts like RiNo in Denver and cultural icons like the Little Five Points in Atlanta.

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