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Published Date 11/13/2023

. Okay. Forget the majestic forest idea. It’s really an extended game of whack-a-mole. Good news raises its head just to see a bad mole pop up you can’t seem to whack fast enough. And our arms are getting tired. In Realtor.com’s Margaret Heidenry’s words, “The housing market these days seems to meet any sign of good news with a dose of bad.” Heidenry points out how mortgage rates fell for the second week in a row, home prices marched higher for the week ending Nov. 4. “This past week, the nation’s median listing price ticked up once again as the market continued to face tight inventory conditions,” notes Realtor.com economic research analyst Hannah Jones. Her analysis found that the median cost of buying a home—which averaged $425,000 in October—continues to hold the unaffordable course, rising 1.0% for the week ending Nov. 4 compared with the same week last year. As for describing the holding power of unforgiving median home prices since mid-July, she responds, “Fairly flat or growing slightly on a year-over-year basis.” How could we have known back in the days of 3% interest rates that just a few years later we would constantly be searching for that glimmer of good news as a beacon of hope. One such glimmer is that listings rose 0.6% for the week ending Nov. 4. The glimmer fades, however, when — for two weeks in a row — “...the trend has reversed as new listings during the week outpaced the same week in the previous year,” says Jones. If we were to ask that proverbial genie to grant us one wish right now (aside from bringing rates down like a lead weight), it would be to have an avalanche of new listings hit the market. Ain’t gonna happen, says Jones. Instead, “a lack of growth in new listings is likely to continue to weigh on existing-home sales in the months ahead.” Reach out for more details! Realtor, TBWS

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