Housing Market Update: Prices on the Rise, Inventory Levels Stable

Economy Resource Management

The housing market continues to show resilience with increasing prices and stable inventory levels. New listings are on the rise, but affordability constraints and a decrease in home buying demand may put downward pressure on prices.

Rising Prices and Limited Inventory

⬆️Asking prices nationwide have increased by 7% compared to the same week in 2022.

🏠Limited inventory levels of existing homes have prevented a sharp pullback in prices.

📈Prices have been relatively flat or up by 1% or less every week since late July.

📉New listings have decreased compared to last year, but not at the same levels.

📊Inventory levels have remained virtually flat on a year-year basis, with a gain of 327 more houses for sale compared to last year.

Market Trends and Affordability Concerns

📉New listings were falling on a year-over-year basis for more than one year, but have now increased for the past three weeks.

⏳Houses are selling faster, with last week's sales taking two days less compared to the previous year.

📈Inventory increased by 6% year-over-year, the first increase in 21 weeks.

🏠Affordability constraints should put downward pressure on home prices.

📉Early signs show a decrease in home buying demand.

FAQ

What is the current trend in new listings?

New listings have been on the rise for the past three weeks.

Are home prices expected to continue increasing?

Affordability constraints may put downward pressure on prices despite the current rise.

How is the inventory level compared to last year?

Inventory levels have remained virtually flat on a year-year basis, with a gain of 327 more houses for sale compared to last year.

What is the impact of limited inventory on prices?

Limited inventory levels have prevented a sharp pullback in prices.

Is there a decrease in home buying demand?

Early signs show a decrease in home buying demand.

Summary with Timestamps

🏠 0:54Housing inventory in the US has increased compared to last year, with prices remaining relatively flat or slightly increasing.

📈 3:32Inventory levels are increasing compared to last year, contributing to a 3.3% increase in overall sales.

📈 7:17Listings are up compared to last year's levels for three consecutive weeks, marking a significant change.

📈 10:59Home prices have been stable due to limited inventory and slower pace of falling prices compared to last year.

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