Have home inventory & sales metrics improved?
In the latest breakdown from Altos Research both home inventory and homes sales data has shown an improvement when comparing the current market to the same time last year.
According to the data, the available inventory of unsold homes in the U.S. has reached its peak for the year. There are currently about 567,000 available homes in the country right now. The current levels have reached about the same peak as last year, but we should see a higher total as we come out of the winter.
Price reductions have also started to come off their peak. 39.2% of homes available on the market have undergone a price cut. This is down slightly from last week and will likely continue to cool as we head into the winter.
When comparing year-over-year sales data, this winter should see an improvement in sales over last year, and the charts indicate that we should see an increase in year-over-year sales during the winter weeks.
We actually had more sales this past week than we did at this time last year. This isn’t a clear trend that we’re out of a slowing market, but it may be the start of one.
Home prices are still running about 1%-to-2% higher than at the same time last year, but they are far off their peak from last Spring.
What should we expect from today’s inflation data?
According to a recent article from NBC News, experts predict that today’s CPI data will show October price growth will end up a bit slower than previous months.
Economists surveyed by Dow Jones Newswires and the Wall Street Journal believe the report from Bureau of Labor Statistics to show that prices rose 0.1% compared to October, and 3.3% compared to October 2022.
It remains to be seen how the market takes the data, but it appears that the metrics are getting closer to the 2% target set by the Federal Reserve.
Which cities are seeing home prices fall the fastest?
A recent report from the National Association of Realtors reviewed the current housing market landscape. They have identified the top 25 cities were home prices receded in Q3 2023.
Believe it or not, but Austin, TX claimed the top spot. The Austin metro area saw a 10.3% price drop when comparing Q3 2022 to Q3 2023. The median home price dropped from $541,600 in Q3 2022 to $496,300 in Q3 2023. This means that the median home price has drop by over $40,000 year-over-year.
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