Welcome back housing inventory is still Increasing so for example redin just Posted on Thursday that housing Supply Or the Mount of houses for sale on a National level increased by 5% that's The biggest yearly increase in about one Year it says the supply of houses for Sale is picking up in time for the Spring home buy season and improving Inventory is attracting some buyers We'll look into that here in a little Bit the total number of houses versus Sale or housing inventory climbed 5% the Biggest year-over-year uptick since May Of 2023 new listings in fact Rose by 15% From one year ago that was the biggest Yearly increase since June of 2021 so this locking effect in which um Homeowners have these very low rates in Which um they don't want to sell their Houses seems to be easing somewhat Because new line Rose by the biggest uh yearly increase Since June of 2021 pretty wild let's talk about some Um leading indications of our US housing Market and we'll talk about home prices Housing inventory and much much more so The daily rate according to red fin is At 7.03% when actually opening this up Though um as of Thursday the daily rate Is actually at
6.96% on March 21st that's a small Increase of 21 basis points compared to A year ago when the uh daily rate one Year ago was at 6.75% getting back to riffin report here They're talking about application Numbers so the amount of people Submitting loan applications buy houses Very much a um forward looking indicator Of close home sales in the coming months Here uh was down by 1% compared to the Previous week but it Rose by 9% from a Month ago having said that though the Amount of applications for Home Loans to BU houses for existing houses is down by 14% on a year-year basis one thing I Want to point out that redin didn't Touch on in in this report here is that The amount of people submitting loan Applications to buy brand new houses is Surging so the resell Market existing Houses compared to the new home Construction industry is day difference Here so down 14% for existing houses look at this so MBA this is according to the MBA as of March 19th just a couple days ago based On their survey they basically survey um Builders Across the Nation um for uh February and that showed that Applications for home loans for new home Purchases increased a whopping 15.7% from February of 2023 so quite the economy we have in our
US housing market because new home Construction numbers are going up Whereas existing home sales um are not Going up at the same rate as I mentioned In previous videos um one of the reasons Why we are seeing this uptick in sales Of new home construction is because Builders are still offering incentives To home buyers uh like I mentioned in my Previous video last week I mentioned how In my area which is Sacramento area a Lot of home builders in my area are Offering at least a $10,000 closing cost credit if you buy a House or new house with a home builder Which overall is what we're seeing on a National level as well um Builders Offering these incentives to home buyers And therefore that's causing a rise of Um demand and also sales for brand new Home construction also red Fin's home Buyer demin index uh Rose by 8% from a Month ago but still down by 5% from a Year there we go uh this is a index they Have which measures the amount of Requests they receive for home buying Services such as home tours for example Meanwhile uh Google searches unchanged From last month and Downing whopping 18% Year-over-year home touring activity I Want to show the most recent Trends we Have this is according to Showingtime.com Showingtime.com is what some um real
Estate agents use in order to gain Access to houses that are for sale so so They can to those T those houses where Their home buyers so showingtime.com Look at the most recent Trends we have Let me just zoom in right here so for The uh week ended March 20th the amount Of real estate showings across uh North America increased by 29.2% compared to the first week this Year compar this to last year's time we Were up by 19.2% compared to the first week last Year so overall we're seeing Applications um increase but not from a Year ago um we're also seeing um real Estate showings also increase as well so Let's see if this actually has been Translated to an increase in prices and Also home sales as well so let's talk About that this is for the four weeks Ended March March I was to say second March 17th uh this year so the median so price According to red fin uh for this time Frame was at 374 ,000 that's an increase of 5.3% on a Year- ofe basis that's the biggest Increase since October of 2022 except for the first ended February 11th when there was a 5.4% increase so Overall prices um up by more than 5% Let's take a look to see how this Compares to previous years going back to
2021 I really wish that red Fin's data Center would show uh data from 2019 for Example uh but um they only give us back Uh the past several years here anyways Looking at uh prices right now up by 5% Um year-over-year Um quite a turn around from a year ago So one year ago at this time which is Right about there uh prices were down 1% Compared to same time frame in 2022 now we're up by 5% so prices rising Faster um right now compared to last Year at this time also of course we're Much higher compared to the same time Frame in 2021 when we were only at $310,000 uh on a national level now We're at $374,000 all right let's get back to Redin boort here and talk about average Monthly mortgage payments because that Increased by 8.5% from 12 months ago this is only $31 Per month shy of the all-time record Highs that was set back in October of 2023 what happened in October in October The average rate or average 30-year fix Rate for people with great credit was at Over 8% now the daay rate is around 7% so Pretty astonishing to see that we're Very close to all time record highs for Average monthly housing payments um even Though the average um mortgage rate is
About 1% point less than October 2023 therefore one of the reasons or the Main reason why we're very close to All-time record highs is due to the rise In prices even though rates have Decreased from October of 2023 so let's Take a look at the a chart going back to 2021 for that uh average monthly housing Payment at $2,685 per month again an increase of 8.5 % year-over year um also much higher Compared to 2021 this time well at that Time your average payment was around $1600 per month now it's at nearly $2,700 per month that's crazy right About $1,000 more per month to buy a Medium price home today compared to the Same time frame in 2021 um also very close to the all-time Record highs that was set back in October or yeah around around late October of 2023 redin also shared the areas in Which um home prices have increased the Most and also the areas in which prices Have decreased the mostes in their Previous um uh report uh they announced That not a single U Metro of the 50 most Populous metros was down on a year-year Basis but that Chang again this month or This uh this week because San Antonio Texas the only Metro of the 50 most Popul metros that down and it decreased By
1.5% in contrast though 49 of the 50 are Up the biggest increase look at this San Jose California giant increase of nearly 19% and your average home price well Over $1 million there as well uh wild uh Miami Florida up by 15.6% West Palm Beach Florida uh New York New Jersey and Anaheim all around a Gain of 15% % year-over-year okay let's Change GE uh slightly here and talk About the changes in pending home sales A measure of offers being accepted and Also newly listed houses and housing Inventory in other words the balance Between demand pending home sales and Supply housing inventory uh because They're basically moving in the opposite Direction here which is something we Should pay attention to so pending home Sales Decrease by 4.4% so approximately 4% Fewer contracts being signed right now Compared to a year ago but new listings Surging by 15.1% so if this would have happened a Big increase of new lines in the early Parts of 20122 we would see a huge Spike Of contracts being signed simply due to The fact there's more inventory hitting The market but we're seeing just the Opposite right new L scenes surging by 15% yet contracts being signed Decreasing by 4.4% so Supply
Outpacing demand in other words house Inventory or active listings Rose by 5% The biggest increase since May of 2023 Let's have a closer look at this at Pending sales and then we'll look at new Listings and then hous inventory uh Compared to the past several years so Pending home sales down by 4.4% but look look at that though Pending sales are at least a three-year Low during this time frame so a lack of Contracts being signed in contrast look At this new listings surging by 15.1% even though they're below levels In 2022 in 2021 also something I found to be Interesting as well is that we're up by 15.1% right now but about 1 month ago we Were only up by 8.4% so the rise of new listings as is Increasing faster uh compared to 2023 now this is one of the reasons why Housing inventory is increasing because We're seeing more new lines hitting the Market so active listings um up by about 5% and has been increasing more or less All year uh whereas last year this time Inventory was actually decreasing so the Gap between this year and last year is Actually getting more wide in other Words more houses available for sale for Home buyers on top of that inventory Levels is at least a three-year high as Well in fact when're looking at the same
Levels in 2021 look at this right now Around 795,000 homes or sale during the same Time frame in 2021 there was around 629000 this means we have approximately 26% more more homes for sale compared to Same time frame in 2021 it's going to be Really interesting to see what happens For the remainder of the year because if We continue to see this huge increase of New listings yet we're seeing a decrease Of pending home sales that's going to Increase Supply further which will put Downward pressure on prices so of course Make sure you subscribe to this Channel And I'll definitely keep you posted with The latest developments getting back to A red fin support here let's have a look At the number of newly listed houses and How each of the 50 most populous metros Fa so there's only two of the 50 biggest Cities in which the number of new listes Decreased compared to one year ago that Was Atlanta Georgia and also Chicago in Contrast look at this giant increase of New lines in San Jose California up by 40% Phoenix Arizona up by 31.9 Sacramento California where I live and Works as a realtor up by 30% Tampa Florida by 208% and Miami Florida up by Nearly 28% as well so a huge increase of New listings in these metros in regards To the month supply on a national level
The month supply is at 3.4 months uh has Been going down ever since February Which is Seasonal that should happen every single Year um looking at this chart though at 3.4 months this is at least a three-year High during this time frame so for Example 2022 uh the month supply was only around 1.8 months now it's at 3.4 months three More slides I want to share with you Guys here because the share price drops Has been surging it's at 5.7% which is at least a three-year High During this time frame has been Basically going straight up here much Different than what happened in 2023 because from February through midm March the share price drops were Decreasing whereas this year basically Going straight up also let's have a look At the average sale price to final list Price ratio that's at 98.7% this means on average for the Houses that did close or were the sales Were finalized they sold for 1.3% points Below the sellers final list price this Is much lower compared to 2022 when at that time houses were Selling for about 1% over now they're Selling for about 1.3% points below this Is still um slightly higher from last Year this time though last year this Time um houses were selling about 2%
Below the sellers asking price at around 98% and lastly here's a look at Red Fin's home buyer demand index remember It increase according to them from one Month ago but again it's down from a Year-over-year basis on top of that it's At least a three-year low during this Time frame in other words the amount of Requests that redin is getting for home Tours and other home buying Services is At least a threeyear low during this Same time frame um but what's your Biggest takeaway from today's video Thank you so much for watching today's Video I appreciate you like And Subscribe and we'll see you on the next Video [Music] The
