Current State of the Housing Market; Overview for mid-September

Today, in the Calculated Risk Real Estate Newsletter: Current State of the Housing Market

A brief excerpt:

There have been three recent key changes in the housing market:

1. New listings have declined significantly year-over-year.

2. This “Sellers’ Strike” has led to inventory growth stalling.

3. And homeowners have continued to borrow against their home equity, shifting from cash-out refinance to home equity loans (so they can keep their low interest 1st mortgage).
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In July, inventory was still low, but increasing quickly. However, the decline in new listings has led to inventory growth stalling recently.

Here is a graph from Realtor.com’s August Housing Trends Report.
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Next week, existing home sales will likely show another sharp year-over-year decline in sales for August - with sales solidly below 5 million SAAR again. Housing starts will probably show further declines (and still a near record number of homes under construction).

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/