The big housing market trend we're watching right now is price reductions, which climbed to 24.1% this week - the highest level of 2022. What does this mean for the market? Get all the latest data in this week's Altos market update.
The median price of newly listed homes is climbing, and price reductions continue to fall more quickly than we expected. What do these early signals of 2023 price support mean for the market? Check out this week's Altos update for all the latest data.
This week saw the biggest inventory increase all year, w/ inventory growing by 9,000+ SFHs. What’s happening? We're seeing a psychology change for homebuyers that's impacting their behavior. Watch this week's Altos market update for all the details.
Exciting new Top of Mind podcast today:
@mikesimonsen
talks with
@jenny_schuetz
from Brookings about the impact of policy on the housing market. They also discuss her recent book: Fixer-Upper: How to Repair America’s Broken Housing Systems. Check it out!
Big news: Altos has been acquired by HW Media, publisher of
@HousingWire
, to expand access to real-time housing data. We're excited for the next chapter! Read more here:
This week, we saw inventory rise by 8.2% to 344,000 homes - an increase of 26,000 more homes than last week, and 6% more than this time last year. In today's video,
@mikesimonsen
looks at what this means for the market.
Even though we’ve seen surprisingly resilient home buying activity so far this year, it’s not nearly enough demand to change our view that home prices will be flat to slightly down for the year nationally. Watch this week's video update for more details.
We keep watching for it... but there are absolutely no signs of a market slowdown anywhere in the data. If anything, we're seeing the market continue to heat up. Watch this week's video from
@mikesimonsen
to get the latest update on the housing market.
This week from Altos data: inventory growth. We saw avail inventory of unsold single family homes in the US rise by 8.2% – an increase of 26,000 more homes than last wk.
@mikesimonsen
dives into what that means for the
#housingmarket
:
The story this week is surging inventory - the biggest increase we've seen in years. At the same time, price cuts are increasing rapidly. Sellers are learning it’s not March anymore! Watch today's video for the latest on pricing, immediate sales and more.
Rising interest rates are putting a damper on the housing market. When should we expect things to heat back up? Join us Oct 13 for a free webinar with
@mikesimonsen
, who'll look at all the signals for the market for the coming months. Register now:
Inventory climbed another 4.5% this week, with 305,000 single family homes unsold available on the market right now. Is it a sign that the housing market is turning? Watch today's
#altosresearch
market update video for all the latest numbers.
Available inventory of homes for sale ticked up just a tiny fraction this week to 473,000 single family homes. Next week’s numbers should see a bigger increase as more homes get listed for the spring. Get all the latest numbers for the week here:
Inventory is declining pretty rapidly as new supply dries up for the end of the year, but demand hasn’t abated. This week,
@mikesimonsen
looks at the demand metrics we're watching and provides an updated forecast for inventory. Watch the video:
Hear from
@jayparsons
of
@RealPage
on how the rental market and housing market are interrelated, what rental policies work, and the leading indicators to watch to stay on top of the market in 2023 – all in this wk's
#TopofMind
episode with
@mikesimonsen
:
So far in 2023, we’ve been surprised at how robust the housing market has been, but we may be about to learn how abruptly this market can change. Watch this week's market update video for more details:
Price reductions! That's the story of the US real estate market now.
While still fewer than normal, more sellers are cutting prices every day. We talk about what it means in this week's
@AltosResearch
market video.
Up to 24.1% of the market with price cuts.
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Altos data in
@Axios
: "We were going 90 miles an hour down the highway, and we took our foot off the gas,"
@mikesimonsen
, CEO of
@AltosResearch
, a real estate analytics firm, tells Axios. Read more:
It’s mid-August, mortgage rates have been stubbornly above 7% for two months now, and it sure looks like home buyers are growing weary. Watch this week's update for the latest on pricing, inventory and more.
Our latest
#TopofMind
episode is live!
@mikesimonsen
chats with
@PolicyQuantsPhD
, Senior Economist with
@zillow
's Economic Research team, to talk about what’s on the horizon for the housing market this year.
Check it out:
"According to Altos Research, it’s possible that we’ll start 2023 with fewer homes for sale than we did at the start of 2021." Nice use of Altos data in this Washington Post story.
Mortgage rates are rising, inflation is looming, and the stock market is in turmoil. Can the bull real estate market really hold up? Join us Feb 10th for our next Altos webinar, where we'll look at the market's likely trajectory amidst economic volatility.
New
#TopofMind
podcast just dropped - this week,
@mikesimonsen
sits down with
@TaylorAMarr
, deputy chief economist at
@redfin
, to share insights from Redfin data and talk about the big trends shaping today’s housing market. Check it out:
Nice!
@mikesimonsen
weekly analysis was featured in Bloomberg last week: "Mike Simonsen of Altos Research posted a Twitter thread on Monday about the collapse in available inventory and the massive bidding wars that are breaking out as a result." Link:
This year's housing market has been surprising. Demand for homes is much higher than we expected, and inventory is much lower. In today's video,
@mikesimonsen
looks at all the stats and talks about what to expect in the coming months. Watch now:
The median home price hit a new record high this week of $420,000 - this is a more than 1% gain from last week. In this week's video,
@mikesimonsen
offers his prediction for how much higher prices may climb before leveling off. Watch now:
This wk from Altos data: we see signs that
#realestate
demand is slowing - but home prices are hovering at record highs.
@mikesimonsen
discusses the inventory growth, what's behind the continued strength in prices and more on our blog:
This wk’s Altos data: as inflation and
#mortgage
interest rates ease down this December, the ice-cold
#realestate
market from the fall is thawing. Avail home inventory is declining faster than we expected. More on the blog:
Out now from this week's Altos data: available inventory of
#homesforsale
is on the rise in late September, which is unusual for this time of year. In fact, inventory is growing faster than last year at this time.
Full report on our blog:
New pending home sales prices are at a new high for the year, just a bit below last year at this time. This is a remarkable development given that rates are so much higher than they were 18 months ago. Watch this week's update for all the latest data.
Available inventory of unsold single family homes climbed across the country this week! 249,000 homes up 3% week over week. Start of a trend?
Here's this week's
@AltosResearch
real estate data.
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Available inventory of homes for sale dropped big this week, as buyer demand continues to exceed the number of sellers who are willing to sell. Check out this week's Altos update for the latest on pricing, inventory, and more.
LA Times: "Mike Simonsen of Altos Research said that the number of sellers trimming their asking prices is still way less than normal. But price cuts are becoming more common at a time of the year when they usually decline or don’t rise much at all."
ICYMI:
@mikesimonsen
had a great conversation with
@ricksharga
from
@attomdata
on this week's Top of Mind podcast. They talked about areas of risk for housing, discussed which policies might impact demand, and more. Watch now:
This week from Altos data: while
#housing
inventory is still tight, we’re starting to see a slowdown in sales rate and more price cuts. It seems that we can subtly see the impact of a month of 7%
#mortgagerates
.
Read more on the blog:
“Mortgage rates really jumped this week... There are signals that some buyers put their actions on hold,” Simonsen wrote. “If rates stay... do the little green shoots of market strength quickly wither away?” Altos data and
@mikesimonsen
in the news:
Available inventory of unsold homes continues to climb. If we continue to see inventory growth in November, this would be a bearish indicator for home prices in 2024. Watch this week's Altos update for the latest on pricing, inventory, and more.
Home inventory is rising more rapidly than in any recent July, but the pace of increase has slowed. This is the third week in a row with 3% inventory gains, down from 6-8% over the last few months. Get all the latest stats:
There's so little buyer action right now that even with 20% fewer new homes hitting the market than normal, inventory is still climbing.
@mikesimonsen
discusses which markets have the biggest rise in inventory, what's happening with prices and more. Watch:
This week's Altos data:
#homesales
continue to be at depressed levels as we counted 59,000 new pending sales this wk. Meanwhile, available inventory of unsold
#homes
is growing. Read more on the blog:
"The thing that I think is maybe not changing is the fact that we have people who are in homes now who are locked in for 30 years," Simonsen told me. "If I've got a 30-year mortgage, I don't ever have to sell that house. Those are generational changes."
"Today there are only 350,483 single family homes for sale in the US, according to data from Altos Research. The figure hit a low of 307,000 on April 30."
Inventory growth sure looks to be slowing
Still a lot of homes hitting the market for July, but 3% more per week down from 6-8% in June
525,000 single family homes on the market
All the details in this week's
@AltosResearch
real estate market video
📽️🧵👇
1/6
As usual w/ Memorial Day, the
#housingmarket
did a minor pause last week. Inventory grew more slowly + prices hit their summer plateau. The big trend now is price reduction – how many homes need to cut asking price before getting the offers they need.
Altos in
@TheAtlantic
: "In the hottest markets... the # of available homes is increasing significantly faster than the national average, according to
@AltosResearch
, while the share of new listings going into contract immediately is declining quickly."
The market is changing fast, so it's critical to watch all the stats. This week: 1) Home prices have peaked 2) Inventory gained 3.25% 3) Relists are climbing. Watch today's video for what these signals mean + the latest on immediate sales and more.
In this week's Altos update,
@mikesimonsen
looks at all the indicators that continue to point towards a soft landing for the market, with few bargains for homebuyers.
Available inventory of homes for sale continues to fall, w/few new listings and a surprising uptick in buyer demand. The question is: have we already seen the bottom for the housing market? Check out this week's Altos update for our latest market analysis.
This week from Altos data: avail inventory of
#homesforsale
has likely bottomed for the season. As we move later into Jan, signals for the year get stronger. Anecdotes from
#realtors
report healthier buyer interest than last fall. Details on our blog:
As home sales slow, inventory is climbing quickly, with 31% more available inventory than this time last year. In today's update,
@mikesimonsen
shares his inventory forecast for the coming months, dives into what's happening with prices, and more.
Mortgage rates keep spiking, but so many Americans have been lined up to buy homes for so long that increased costs haven’t deterred demand. In this week's market update,
@mikesimonsen
discusses why prices should remain strong for the foreseeable future.
Check out
@mikesimonsen
interview on today's
@housingwire
podcast. He looks at the data he's seeing during this pivotal first week of May, shares his summer 2023 forecast, and talks about where he thinks we'll end the year for total active listings.
Our latest Top of Mind podcast features
@beckybabcock
+
@bnix
of
@pathandpost
. They shared advice for buying and selling in today’s market, offered predictions for the future of real estate, and more. Listen now:
If this year follows the usual seasonal trend, we should have 4 more weeks of home price declines until the 2nd week of Jan, when prices should start rising. If they don't, that would be a bearish signal for the market. More insights in this week's update:
We might only be a few weeks into 2023, but these first weeks have been rich with informative data. We’re already seeing signals for what the housing market will look like this spring and beyond. Check out
@mikesimonsen
's take on what to expect in 2023.
Home prices hitting new record highs each week. No signs (yet) of spiking mortgage rates deterring demand. Spring buying season is winning out.
Median home price in the US up big this week to $410,000.
All the week's real estate market data in the
@AltosResearch
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As we approach summer’s end, we’re seeing
#housinginventory
growth, fewer immediate sales, + more home price cuts. And yet, signals point to a soft landing for the market. Learn what to expect for fall — register for tmrw’s free webinar w
@mikesimonsen
:
Real estate is slowing yes, but buyers are still keeping home prices at record highs. It's June, so that shouldn't be a total surprise.
Available inventory is up 5.6% this week to 419,000 single family homes unsold.
This week's
@AltosResearch
market data video 📽️🧵👇
1/6
The market added 25,000 homes to available inventory this week, which is bigger than our model had predicted. Watch today's video to get at look at what's slowing and what's not, along with all the latest on pricing, immediate sales and more.
In this week's update,
@mikesimonsen
talks about what the market cool-down means for buyers and sellers, and why sellers need to be extra careful right now when pricing their homes. Read Mike's blog post:
"“The market is changing rapidly,” says Altos founder Mike Simonsen. “When demand cools, homes get fewer offers — or no offers — and contracts start to fall through.” Great to see Altos in the Miami Herald! Read more:
This wk's report from Altos data:
@mikesimonsen
dives into
#shadowdemand
for houses. One of the persistent bearish arguments over the years has been that we have “shadow inventory” of sellers - but “shadow demand” may be what we’re seeing now.
The signs for the 2022 housing market are looking bullish: we're on our way to record low supply, with no signs anywhere of demand abating. Watch this week's
#altosresearch
video for all the details.
This wk from Altos data: available inventory of unsold homes continues to climb at its fastest clip all year. Now, the question is whether we’ll see inventory grow in November – which would be a bearish indicator for home prices in 2024.
We’re seeing encouraging purchase signals this week even as mortgage rates have stabilized around 7%. Watch today's Altos market update for the latest housing market stats.
Check out the newest episode of
#TopofMind
–
@mikesimonsen
sits down with Lisa Sturtevant, Chief Economist for Bright MLS, to talk about the big trends shaping the
#housingmarket
in 2023 and beyond:
January real estate is off to a red-hot start! Our first leading indicators show that homebuyers are pushing up prices very quickly. Watch this week's
#altosresearch
market update with
@mikesimonsen
for all the details:
Home prices hit a record high this wk, as the true effects of rising
#interestrates
won’t be felt for months. There's momentum w/ homebuyers – it’s normal that prices + inventory climb.
@mikesimonsen
expects demand to stay healthy for the next few months.
Based on the
@altosresearch
data through Feb 21, we can be quite confident of home prices rising for all of 2022 even as money gets more expensive.
Median home price in the US climbed 0.5% WoW to $382,000, with the biggest annual cycle stage still to come.
🧵📽️👇
1/6
Last week, NAR reported that existing home sales declined in June to an annual rate of 4.2M. Will the total sales rate fall below 4M? Or will it climb closer to 5M? Watch this week's video for the latest housing market stats and analysis.
Even as buyer demand has slowed, home owners have decided they have no urgency to sell. The result is dramatically fewer new listings each week. Watch today's video for the latest on what's happening in the market, including inventory, pricing, and more.