A monthly update of housing market supply, demand, and prices.
The typical home that went under contract in March sat on the market for 47 days. Homes sold over twice that fast during the pandemic homebuying frenzy. Homes are taking longer to sell because many are overpriced and demand is sluggish. Plus, sellers are competing with each other—the supply of homes for sale hit a […]
U.S. Homes Are Selling at the Slowest Pace in 6 Years Read More »
Milwaukee’s median sale price jumped 20% year over year in February—a bigger increase than any other major metro. Detroit also saw a double-digit gain. A housing shortage is prompting buyers to bid up prices. Nationwide, home prices rose 3% year over year, while pending sales fell the most since 2023. The typical U.S. home that
Home Prices Are Rising Fast in the Midwest Read More »
Housing supply rose to the highest level since 2020 in January, but housing demand fell to the lowest level since 2020 as mortgage rates hit an eight-month high. Sellers are making moves because they’re tired of waiting for mortgage rates to fall, but buyers are skittish amid economic uncertainty and rising home prices, which are
January Brought More Homes for Sale. Few Were Bought. Read More »
Pending home sales dropped 4.5% from November as mortgage rates jumped to the highest level in months. Roughly 40,000 home purchases were called off in December, equal to 16% of homes that went under contract—the highest December percentage on record. Existing home sales—a lagging indicator of deals that were negotiated in prior months when mortgage
Pending Home Sales Fell the Most Since 2022 in December as Mortgage Rates Jumped Read More »
Homebuying activity picked up in November as election uncertainty dissipated and buyers grew more accustomed to elevated mortgage rates. Existing home sales for the full year will likely be in line with 2023 levels, but we expect activity to tick up in 2025. Existing home sales rose 0.7% month over month in November to a
Existing Home Sales Rise to Highest Level in Over a Year and a Half Read More »
Existing home sales rose 1.6% month over month in October to a seasonally adjusted annual rate of 4,179,346. Many buyers who came off the sidelines when mortgage rates bottomed in September finalized their purchases in October, causing sales to rise. But rates jumped last month, which—along with election jitters—put a damper on demand; pending sales
Existing Home Sales Post Biggest Increase in Nearly Three Years Read More »