Realtor.com: Price Reductions Surge by 51%

Housing inventory in the United States is piling up and price drops are rising. Some huge changes are happening right now in the US housing market. The share of price reductions is AT LEAST a 5-year high for late-May and housing inventory is up by 35% from a year ago (the biggest year-over-year gain since April 2023).

In addition, the growth rate of inventory so far this year (January through April) is a 10% increase (i.e. the YTD change). This is more than double the 4% average increase from 2017 through 2019 during the same time period. Therefore, housing inventory is growing much faster this year so far compared to pre-COVID levels.

In today’s video, I share my own analysis based on the latest real estate market data from Realtor.com and Altos Research and the impacts that these trends could have on our US housing market in the weeks and months ahead. See below for links to the reports I covered.

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Source of reports I shared:
https://www.realtor.com/research/weekly-housing-trends-view-data-week-may-18-2024/

https://www.realtor.com/research/data/

https://altosresearch.com/

https://www.freddiemac.com/research/forecast/20240516-economic-growth-moderated-start-year?utm_source=eloqua&utm_medium=email&utm_campaign=Research#modal_19341

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30 yr fixed mortgage rate is around 7.2% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).

#mortgagerates #housingmarket #Realtor