Days on Market Grow Despite Low Inventory for Existing Homes

Current inventory is 1.22 million, while historical normals are between 2 million to 2.5 million

November 21, 2022

by: Aimee Hartwig Real Estate

The Census Bureau and the Department of Housing and Urban Administration reported This Week in Real Estate that both housing starts and permits declined 4.2% and 2.4% in October from September, respectively. They are 8.8% and 10.1% lower than a year ago, respectively. The 30-year fixed-rate mortgage averaged 6.6% in the week ending November 17, down 47 basis points the week before, marking the largest weekly drop since 1981. Mortgage applications increased for the first time in seven weeks, according to the Mortgage Bankers Association. For the third report in a row the National Association of Realtors reported total inventory has decreased. NAR lists the current inventory at 1.22 million, while historical norms are between 2 million and 2.5 million. 

“If mortgage rates can get down toward 5%, we can see some stabilizing in the housing data that is working from a much lower bar now. This is the way to get out of the housing recession that started in June. .”

 National Association of Realtors

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s