Available inventory of unsold single family homes jumped another 2.2% this week. What the heck is going on? Time to panic? Time to celebrate?
Check out this week's #altosresearch thread and video for the details. Video link below
🧵👇
1/6
Just a few weeks ago I expected inventory to top out at 400,000. We're well past that now and not slowing down. Lots of new sellers hitting the market.
Will we peak at 460,000 in September? 500k in October? Will we end the year with more inventory than we started?
2/6
On the demand side, we can see that buyers are still aggressive even as inventory builds. Our immediate sales tracker hasn't backed off at all.
23% of the 105,000 new listings went into contract within hours or just days of hitting the market.
3/6
The time to sell is very fast, only 28 days on market.
Normally this time of year sellers would be looking at 9 or 10 weeks to sell (close in November!) so sellers start backing off. This year sellers see September so: let's list!
4/6
As a result, prices are holding up nicely. Median price of single family homes in the US this week is $389,990. Down just a tick from last week.
The leading indicator Price of New Listings is at $350k
Watch the video 👇for discussion on the powerful New Listings data
5/6
Big increases in inventory again this week!
Prices holding up as we get late in the season.
All the details in this week's @AltosResearch US housing market video. 10 mins. Don't miss.
6/6
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.