View Weekly Housing Trends – Data Week Ending June 18, 2022

Our research team releases regularly Monthly Housing Trends Reports. These reports detail inventory metrics such as the number of active listings and market pace. In addition, we continue to provide readers with more timely weekly updates, an effort launched in response to rapid changes in the economy and housing as a result of the COVID-19 pandemic. Overall, you can look forward to viewing weekly housing trends and Thursday’s latest weekly housing data with a stretch Weekly video update From our economists on Friday. This is what the housing market looked like last week.

What does this week’s data mean:

Another influx of newly listed homes for sale along with House sales decline It helped lift the number of homes actively looking for a buyer to 21% above this week last year. Despite the improvement, double-digit home price growth continued, but did not accelerate, stabilizing at an annual gain of 16.9% for the third week in a row.

It’s not just homeowners grappling with rising prices. Rentals are also Rise to new heights, making it difficult for operators to find a haven from inflation regardless of whether they are buying or renting. This is one of the reasons why buying a home is still attractive. In spite of Huge cost increases compared to last yearToday’s buyers who use a fixed rate mortgage can at least rest assured that the majority of their monthly housing costs will remain fixed in the future, and even those who take out an adjustable rate mortgage are likely to be guaranteed a fixed rate for the first 5 to 7 years.

In an environment where shoppers are aware of their budgets, affordable housing markets, typically located in the Northeast, Midwest, and South, attract home shoppers, as we see in our May 2022 the most important housing markets. High prices and high mortgage rates were a big enough stumbling block to drive some shoppers out of this year’s buying market. However, with so many workers flexibility available, those who want to explore new territories may find that buying a home is still feasible within their budget.

Main results:

  • The average listing price grew 16.9 percent over last year. The typical price of homes for sale was higher than it was a year ago in double digits for the 27th week, and for the third time in 9 weeks, this week’s growth rate was no faster than the pace of the previous week. In fact, the rate of home price growth has held steady in each of the last three weeks. We are still well above the historically normal rate of home price growth. In fact, the incredible momentum of home price growth in 2022 is the reason why we recently revised our projections for house prices to increase during the year. However, with more homes for sale and higher financing costs at higher mortgage rates, we expect home price growth to slow.
  • New listings – the measure of sellers offering homes for sale – are up 6% from a year ago. Home sellers in many markets across the country continue to benefit from rising home prices and rapid home sales. This has prompted more homeowners to sell their homes this year than last year, giving home shoppers the options they desperately need. We’ve seen more homes for sale this year than last year in 11 of the last 12 weeks.
  • Active inventory continued to grow, up 21% from last year. The stock was roughly on par with last year’s levels at the beginning of May and gains have been increasing every week. However, the May Housing Trends report showed that the number of active listings remained nearly 50 percent below its level at the start of the pandemic. In other words, we’re starting to add more options, but the market needs more before home shoppers have a choice roughly equivalent to the pre-pandemic housing market.
  • Homes spent 4 fewer days on the market than they did last year. More homes for sale will eventually bring more balance to the housing market, cooling the pace of the ultra-fast home sales we’ve seen over the past few years. And while the gap narrows with last year, that still means home sales are accelerating faster than ever. The May Housing Trends report showed that homes set another new record low for time on the market, and we expect another record low in June, when homes typically have the shortest time to sell.

Data Summary:

All changes on an annual basis From the beginning of the year to date 2022 Week ending June 4, 2022 Week ending June 11, 2022 Week ending June 18, 2022
Average Listing Prices + 14.3% + 16.9% + 16.9% + 16.9%
new listings -0% +2% + 3% +6%
Active ads -11% + 13% + 17% + 21%
time in the market 9 days faster 5 days faster 4 days faster 4 days faster

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Daniel HillDaniel Hill

Daniel Hill

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