{"id":4041,"date":"2023-12-01T20:25:55","date_gmt":"2023-12-01T20:25:55","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/12\/01\/hark-new-home-listings-have-finally-arrived-at-lower-mortgage-rates-too\/"},"modified":"2023-12-01T20:25:55","modified_gmt":"2023-12-01T20:25:55","slug":"hark-new-home-listings-have-finally-arrived-at-lower-mortgage-rates-too","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/12\/01\/hark-new-home-listings-have-finally-arrived-at-lower-mortgage-rates-too\/","title":{"rendered":"Hark, New Home Listings Have Finally Arrived\u2014at Lower Mortgage Rates, Too"},"content":{"rendered":"

<\/a><\/p>\n

David Paul Morris\/Bloomberg via Getty Images<\/p>\n

<\/p>\n

Could the holidays be turning into a great time to shop for a house?<\/p>\n

Black Friday bargains might be over by now, but mortgage rates have nonetheless continued heading in a wallet-friendly direction. For the week ending Nov. 30, rates for a 30-year fixed home loan dipped to an average of 7.22%, down from the previous week\u2019s 7.29%.<\/p>\n

\u201cMarket sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates,\u201d said Sam Khater<\/strong>, Freddie Mac\u2019s chief economist.<\/p>\n

While mortgage rates have grabbed many housing headlines of late, another surprising bright spot has appeared: Fresh real estate listings are hitting the market, which is highly unusual for this time of year.<\/p>\n

\u201cNew listings registered lower than prior-year levels from mid-2022 through roughly five weeks ago,\u201d says Realtor.com\u00ae<\/a> economic data manager Sabrina Speianu<\/strong>\u00a0in her recent\u00a0analysis<\/a>. However, \u201crecently the trend has reversed, as new listings during the week outpaced the same week in the previous year by 8.9%, the largest increase since summer 2021.\u201d<\/p>\n

Will this listings boon, coupled with falling mortgage rates, finally grease the rusty housing market wheels? We\u2019ll explain what this and other breaking real estate data mean for buyers and sellers in this latest installment of \u201cHow\u2019s the Housing Market This Week?<\/a>\u201d<\/p>\n

<\/a><\/p>\n

The mortgage rate reprieve<\/strong><\/h2>\n

Falling mortgage rates might finally be luring home sellers back to the market, freeing them from the \u201clock-in effect\u201d where they felt compelled to stay put to hang onto their current, much lower-rate home loans.<\/p>\n

\u201cIf homeowners respond to the descending mortgage rates by entering the market, a more balanced housing market could unfold in the coming months,\u201d predicts Speianu.<\/p>\n

And this, in turn, might also help usher in a possible break in home prices.<\/p>\n

In November, home prices came in at a median of $420,000<\/a>. And for the week ending Nov. 25, the median list price grew by 1.2% compared with the same time last year.<\/p>\n

That\u2019s in keeping with the recent trend of year-over-year median home prices, which have remained stubbornly high despite higher mortgage rates.<\/p>\n

Yet, as Speianu points out, \u201cGoing forward, additional housing supply could help alleviate the long-standing affordability crunch by taking pressure off of home prices.\u201d<\/p>\n

As far as what the future might hold in terms of affordability, the Realtor.com\u00ae 2024 Housing Forecast<\/a> predicts that America\u2019s median home price will dip by an average of 1.7% compared with 2023.<\/p>\n

Active inventory continues to drag<\/strong><\/h2>\n

While the rise in fresh listings is a sweet surprise, the total number of homes for sale is still fairly stagnant.<\/p>\n

For the week ending Nov. 25, overall active inventory (a combination of old and new listings) is up just slightly by 1.8% compared with last year.<\/p>\n

Plus, seasonally speaking, the number of listings tends to dwindle as we head into the winter months.<\/p>\n

\u201cFor the remainder of the season until March, we expect that inventory will experience a typical seasonal decline,\u201d says Speianu. This \u201cwill create an additional challenge for those hoping to also take advantage of seasonally low listing prices in the coming months.\u201d<\/p>\n

Why homebuyers still need to act fast<\/h2>\n

Home shoppers weighing whether or not to get out there and make an offer should know that whatever they decide, they had best do it quickly since the pace of home sales is picking up.<\/p>\n

For the week ending Nov. 25, homes spent two fewer days on the market compared with the same time last year. (On average, homes spent 52 days on the market in November.)<\/p>\n

This marks eight consecutive weeks that a typical home was snapped up faster than the same week a year ago.<\/p>\n

\u201cThis fall, the time a typical home spends on the market has mostly been growing much more slowly than is typical for this season,\u201d says Speianu.<\/p>\n

The post Hark, New Home Listings Have Finally Arrived\u2014at Lower Mortgage Rates, Too<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

David Paul Morris\/Bloomberg via Getty Images Could the holidays be turning into a great time to shop for a house? Black Friday bargains might be over by now, but mortgage rates have nonetheless continued heading in a wallet-friendly direction. For the week ending Nov. 30, rates for a 30-year fixed home loan dipped to an…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4041"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4041\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4042"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4041"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}