New listings fell 18% year-over-year in November as would-be sellers chose to stay in their current homes rather than refinancing in a high-cost market. An anticipated rise in completed inventory could motivate some buyers to resume their home searches, though 30-year mortgage rates remain elevated at 6.28% and year-over-year home price growth is still posting solid increases, Bill McBride reports in the CalculatedRisk Newsletter.
On the brighter side, today’s 6.38% interest rate is a drop from October’s peak 7% rate, and the Case-Shiller National Index reveals a -0.76% monthly decline in nationwide home price growth, evidence of a slowing market months into a housing correction.
We are seeing a significant year-over-year decline in the housing market with fewer sales and more cancellations. We are just starting to see the impact on house prices. And even with a sharp decline in new listings, inventory is increasing YoY again.
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