The weekly market update from Mike Simonsen of Altos Research. Today’s highlight is the focus on how Home prices have started to slip in a few states. Here are the highlights of the report:
Mortgage rates have recently surged into the 7% range, contributing to a slowdown in immediate home sales and an increase in price reductions, especially in states like Florida, Arizona, and Texas.
National home prices remain slightly higher compared to last year, but specific states are beginning to see declines.
There’s a significant rise in housing inventory, with a 1.7% increase this week alone, leading to 39% more homes on the market compared to last year, driven largely by states with higher inventory increases.
New listings have slowed down, with a 12% drop this week, affecting the overall pace and momentum of seller activity.