Published Date 12/4/2023
Is any news good news? When there are more houses to choose from, perhaps it is If you’re desperate to buy a home, Realtor.com’s Jillian Pretzel says homebuyers who brave the cold to get out there and shop for homes right now face a strange mix of really good as well as not-so-great news. “First, the good: More homes are finally coming on the market,” she says. “The bad? The cost to finance that purchase has hit a new high. A new report by Realtor.com® has found that 7.5% more home sellers listed their homes in November than this same month last year. Realtor.com Chief Economist Danielle Hale reports, “November saw the first annual growth in newly listed homes in 17 months.” She also says that if you look at total inventory—of both new listings and old—that’s improved, too, with the typical day in November enjoying 0.7% more homes for sale than a year earlier. Why is this such a big deal? According to Hale, it “ends a four-month streak of annual inventory declines.” says Hale. To boot, seasonal housing stock in November increased by 2.4% above October levels, which is another first. “It’s actually “the first time inventory has increased this late in the fall season since our records commenced in 2016,” Hale points out. Pricing and interest rates are a whole other ball game, however. “While this fresh infusion of real estate listings is a welcome gift for buyers, they will have to pay dearly for them,” says Pretzel. “In November, homes were priced at a median of $420,000. That’s down from October’s $425,000, and up by just 1% compared with November of last year.” Although Hale maintains that the nation’s median list price has remained “relatively stable,” November’s higher mortgage rates compared with last year have increased the monthly cost of a typical home by 7.9%—roughly $172 more per month compared with a year earlier, which Hale says is a new record since Realtor.com began tracking this data in mid-2016. Reach out for more! Realtor, TBWSAll information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
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