Could home sales rebound this winter?

House with Snow in Winter | mortgage rate news

Does the latest housing data indicate a winter surge?

The team at Altos Research has gone through the data, and put together their weekly analysis of the national housing market.

 At this time last year, housing inventory started to dip into the winter. However, the available inventory for homes in the U.S. was still on the rise this past week. Inventory went up 1.5% week-over-week but is still about 3% lower than this time last year. Inventory is likely to decline in November and December.

According to the data, it’s possible that we have more sellers in a few weeks than we did a year ago. This could represent the start of a turnaround in which the market shows signs of growth, and it could start this winter.

38.9% of homes on the market have taken a price cut. That’s down from the 42.9% mark hit at this time last year, but 38.9% is still considered elevated compared to historic levels. It’s normal for 30%-to-35% of homes to see their price get cut before entering a contract.

Where are the best cities to buy a home this fall?

Just because leaves have turned doesn’t mean you can’t still find home. A recent report from detailed the seven best cities to buy a home this fall. Topping the list? Louisville, KY.

According to the data, the best time to buy in Louisville is between November 5th and November 11th. The city was highlighted for its southern charm, urban sophistication, and the fact that it tops the list with the fastest rate of price reductions compared to an average week for the area. It’s also seen a drop in competition with views of local properties down 33% compared to peak.

Phoenix, AZ came in second place because the first week of November typically sees 28% more new listings than the average week.

Charlotte, NC rounded out the top three because active listings are up 18% comparted to the average week and price reductions are averaging 1.2% per home.

Why do over 1/3 of NYC homes get taken off the market?

NBC New York did a deep dive into the local housing market and found that over a third of NYC homes listed for sale get removed without finding a buyer.

NYC is a bit different than the national market. The median days on market for a home in New York City is 89 days. The national average is only 15 days.

There were several reasons given for listings getting pulled, but the top on the list was stress. Sellers claimed that selling a home was more stressful than other major life events. They also claimed that asking price and a seller trying to sell without an agent were also factors.

For example, if a home was priced higher than its neighbors, that could potentially turn buyers off. The home would sit unsold, and eventually get pulled from the market.

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