The pair is prognostic as both are forward looking indicators. Pending sales have also been falling year-on-year (YoY), but recently these pending sales are declining at a significantly slower pace than new listings.Īnother way to view the relationship between new listings & pending sales is via a ratio between the two barometers. Going back six years – only 2020 recorded slightly fewer new listings, and that was when the pandemic “shelter-in-place” orders were just getting underway. New listings were down last week (-35.88%) compared to the same Easter week of 2022. However, you’ll see illustrated in the charts below that conditions are rapidly beginning to change! Only those who genuinely want to or must sell are doing so, and others who can’t get the price they want have been canceling their listings or allowing those listings to simply expire. Inventory is evaporating because many homeowners are currently locked into unbeatably low rates with little to no incentive to sale. We’re beginning to read & hear that falling housing inventory isn’t just a PNW phenomenon…its now taking place in many regions nationwide. We helped them sale a rental property a brief time ago. We wrote the following in response to a long-time client who was responding to our March 25 th article. While declining median home prices have occupied many headlines recently, the falling new listing numbers are what is commanding our attention of late. We released a newsletter April 10 th titled “Home Prices Continue to Decline (PNW),” and we ended the piece telling everyone, “In ensuing newsletters we’ll perform a deep dive on total active listings, new listings and pending sales.” In this update we’ll cover new listings & pending sales – total active listings will be addressed before the end of the month.
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