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Existing Homes

All articles tagged with #existing homes

real-estate4 months ago

Old Homes Outpricing New Builds in 2025 Amid Market Shifts

The U.S. housing market has experienced an unusual trend where new homes are now selling for less than existing homes due to builder incentives, smaller home sizes, and market dynamics, a reversal of the long-standing pattern. This shift is driven by builders offering discounts to move inventory, smaller and more affordable homes, and demographic changes, but is expected to normalize as inventory levels adjust and builders realign their strategies.

via Forbes|
#builder-incentives#existing-homes#housing-market
real-estate2 years ago

"2023 Sees Record Low Home Sales and Plunging Prices in US Real Estate Market"

The US housing market is experiencing a freeze as demand for existing homes has collapsed, leading to a drop in prices and the highest supply for any December since 2018. The median price of existing homes dropped to $382,600 in December, down 7.5% from the peak in June 2022. Sales of existing homes fell to the lowest level since 2010, with actual sales down by 42% from December 2021. Active listings and new listings of existing homes have seen unusual trends, with new listings in December 2023 up from a year earlier. Homebuilders are adjusting to the market by building smaller houses with fewer amenities and offering incentives to buyers, leading to decent sales of new homes.

via WOLF STREET|
#existing-homes#home-prices#housing-market
real-estate2 years ago

Housing Market Shift: New Listings Increase, Prices Drop, and Demand Remains Low

The median price of existing homes in the US dropped by 6.3% in November, reaching $387,600, the lowest since June 2022. Prices of new houses sold by homebuilders have also fallen by 18% from their peak a year ago. New listings of existing homes, which typically decline after the spring selling season, only fell by 22,000 in November, compared to a drop of 65,280 in the same period last year. Active listings rose to the highest level since August 2020, reaching 754,800 homes. Inventory for sale increased by 1% year-over-year, the first increase since April. Demand for existing homes remains at collapsed levels, with sales in November down by 7.3% compared to 2022 and by 39.7% compared to 2021.

via WOLF STREET|
#demand#existing-homes#inventory
real-estate2 years ago

Home Sales Plummet as Mortgage Rates Soar

Demand for existing homes continues to decline, with sales falling to the lowest levels since the 2010 housing bust. However, new listings rose in August, which is unusual for the month, and median days on the market increased. Price reductions as a percentage of active listings also reached a pre-pandemic high, indicating sellers' motivation to sell. The median price remained relatively flat, but was down 1.6% from its peak in June 2022. The balance between buyers and sellers has decreased due to homeowners with low mortgage rates not buying or listing their homes, resulting in lower demand, supply, and churn in the housing market.

via WOLF STREET|
#existing-homes#housing-market#new-listings
real-estate2 years ago

"Surging Mortgage Rates Reshape Housing Market: 5 Key Ways"

Surging mortgage rates have reshaped the housing market, with sales of existing homes declining while new homes are selling fast. The higher interest rates have priced out some buyers, leading to a decrease in sales of existing homes. Many sellers are also reluctant to move due to their lower interest rate mortgages, constraining the supply of homes. Despite fewer existing homes changing hands, bidding wars and high prices persist. With limited options, more buyers are turning to new construction, where sales have increased. Builders have been offering discounts and designing smaller houses to keep prices in check.

via NPR|
#bidding-wars#existing-homes#housing-market
real-estate2 years ago

The Surprising Shift in Home Prices: Old vs. New

The cost of older homes in the U.S. has caught up to that of new properties, with existing homes now costing a median of $416,000, the same as new homes. This shift is due to the sharp rise in prices for older homes during the pandemic and the recent increase in mortgage rates. Homeowners are hesitant to sell their homes and give up their low mortgage rates, leading to a decrease in available homes on the market. As a result, the supply of properties has fallen sharply, driving up prices. Renting a condo or townhouse has become a more affordable option for those looking to move, while the market for new homes is booming.

via CBS News|
#existing-homes#home-prices#housing-market
real-estate2 years ago

Homebuilders Benefit from High Demand and Low Supply in US Housing Market

Homebuilders are the clear winners in the current housing market due to an imbalance in supply and demand, which has been a boon to builders. Confidence among builders finally pushed into positive territory this month, the first time in 11 months, according to the National Association of Home Builders. Practically all homeowners with a mortgage have a current mortgage rate below 6%, making it less likely for them to sell and buy another home with a higher mortgage rate. The number of previously owned homes on the market did increase in May to 1.08 million units, but that's still below the pre-pandemic norm of 1.9 million homes.

via Yahoo Finance|
#existing-homes#homebuilders#housing-market
real-estate2 years ago

Newly constructed homes selling fast despite inventory shortages.

Sales of new single-family homes in the US rose 4% MoM and 12% YoY in April due to low inventory of existing homes and robust sales in the South and Midwest regions. The median sales price of new single-family homes in April declined to $420,800 from $455,800 in March. The inventory of new houses for sale at the end of April stood at 433,000, representing a supply of 7.6 months at the current sales rate, in contrast to inventory of existing homes, which stands at 2.6 months of supply.

via USA TODAY|
#existing-homes#housing-inventory#median-home-price
real-estate2 years ago

US Homebuilder Sentiment Continues to Rise in April.

Homebuilder sentiment in the market for newly built homes rose in April for the fourth straight month, as the supply of existing homes for sale remains scarce. The National Association of Home Builders/Wells Fargo Housing Market Index climbed to 45 in April, a 1-point gain. Builders cited a lack of listings on the resale market, which gave them an unusually strong edge. Slightly lower mortgage rates are also helping demand. Meanwhile, sales expectations in the next six months increased 3 points to 50.

via CNBC|
#existing-homes#homebuilder-sentiment#housing-market