The Housing Market is Absolutely Insane.

The US housing market is absolutely Insane because red fin just announced Today which is on Thursday April 25th That the US median home sold price reach An all-time record high on top of that Average monthly housing payments of Wouldbe home buyers also reached a new All-time record high and inventory is on The rise so what the heck is happening Um let's discuss um and of course if you Guys get any value of today's video then Please hit the like button and also Consider subscribing as well post Frequent housing market updates so you Guys can be more informed so the Medan Us home sold price reached an all-time Record high of $383,500 from 12 months ago one of the Biggest jumps since October of 20122 um I'll have some states show how Each of the Metros fares because there's Only one Metro that is down on a Year-year basis but of course 49 of the 50 biggest metros are up year-over-year Um meanwhile the average weekly mortgage Rate hit 7.1% this week um that was actually the Report from Freddy Mack last week though It's the highest level since November of 2023 also when looking at Daily rates According to the mortgage news daily as Of today which is again April 25th Average daily rates for people with Great credit increased to over

7.5% the highest rates we've had since Mid November last year a femon high so Let's really briefly talk about that Because um today um according to Freddy Mack which must have been just after um Red fin announced the report um here is That um weekly rates went from uh 7.10% which is what redfin's reporting Here it increased to 7.17% one year ago we're at 6.43% so again just like I mentioned in My video from one week ago um we'll see Um new all-time record highs regarding Average monthly housing payments in Redin Port that will be announced in one Week because rates are still on the rise And of course uh home prices are up as Well so mortgage rates have been on the Rise um as it became clear that the FED Would keep interest rates higher for Longer um or higher for longer than it Expected high prices and higher rates Drove the meeting monthly housing Payment to a new all-time record high of $2,843 per month that's up 133% Year-over-year prices are soaring Despite the fact there's more inventory Than last year so um they say here that New listings increased by 10.2% but just about 1 month ago we saw A gain of about 12% so this locking Effect in which um you know homeowners Have rates at three and 4% they're Deciding not to list their house of sale

Not in as great of numbers compared to a Month ago because rates have increased So much we're right now at 7.5% Absolutely crazy and that's for people With great credit putting 25% down any Case uh it says the growth rate in Listings may be losing momentum as I Mentioned prices are being booed by the Fact that inventory remains low despite The recent Improvement I would say it Depends on the data you're looking at When looking at data from redin I Believe we're up about by about 10% Year-over-year and at least a three-year High however we looking at data from uh Realtor.com just announced this was what Today right yeah also announced today um That um active listings um surge by 31.7% I believe that's the highest year- Of year increase we've had in many many Months um also according to alos Research.com they are also reporting Gains of around 30% of housing Mentor as Well we're talking about existing houses By the way in today's video excluding Brand new home construction so for the Week ended April 19th this year According to Altis research.com we're at 543,000 one year ago this time we're at About 415,000 so we have approximately 130,000 more houses for sale compared to One year ago however at 543,000 This is way higher compared to 2022 as well as

2021 um and but we're still lower Compared to preand pre pandemic levels Um back in uh 2020 we had 741 th000 compared to uh 543,000 right now and also in uh the First part of May uh 2019 around 883 th000 um one thing I want to mention Though is that uh you know even even Though we have you know far fewer hom For sale right now compared to uh 2018 2019 it does not mean that home prices Um have to or won't decrease until we Get to those levels or until we get to Pre-pandemic levels again I I talk about This pretty frequently in my opinion we We have to look at the rate of increases Of inventory and not compared to pre Pandemic levels and that's exactly what Happened in 2022 for example So in 2022 the peak of inventory was at around 575,000 homes for sale where a more Normal range is actually over 800,000 But because um inventory skyrocketed I Believe it doubled in less than six Months that's why home prices tanked in The last half of 2022 so we'll keep a Watchful eye regarding uh inventory Levels over the next uh coming weeks and Months here because this is a big um Increase um over the past uh two weeks Was exactly what I've been saying it's Going to happen because we're seeing More new listings hitting the market

We're also seeing a pullback and home Buying demand um so a big increase over The past two weeks here uh going from About 513,000 to about 543,000 in just Two weeks so we'll keep a watchable eye On that and that'll give kind of give us A gauge regarding which direction we're Headed anyways um when talking about This report here I just blew my mind um So let's talk about a little bit more What Redan has had to say demand is Holding up fairly well in the face of 7% Plus rates though some indicators Starting to show a Slowdown um and I'll Have an update for you guys regarding That because I'm going to make a video Looking at early indications of Home buy And demand looking at Google searches um Uh home tours by real estate agents Pending home sales and much much more so Stay tuned for that so any case let's Talk about This um report here from redin and this By the way covers the four weeks ended April 21st they look at 400 plus us Metros and their data goes back to 2015 At least their weekly data goes back Then so again the median S price around 384,000 in all-time record high the Biggest increase since October of 2022 with the exception of these two um 4-we periods let's have a look at Red Fin's data center regarding um the home Sold prices you can see this uh

Skyrocketing um rates or prices I should Say right right now at 384,000 that Surpasses the previous Peak which is Back in more or less June 2022 at around 383,000 um also this is at least or not At least this is also about 19% higher Compared to the same time frame in 2021 also this is quite the reversal Compared to what happened in 20 23 uh This time last year um prices were down By 3% Now They're Up by about 5% every Housing Market's different though right So let's have a look at the 50 most Populous metros to see how they Faire And there's some I mean giant increases Anaheim California up by whopping 25% then we have new New Brunswick New Jersey up by 14.9 Detroit West Palm Beach Florida and San Jose all up by More than 10% Um in contrast there's only one Metro Which is Austin Texas down by .9% so uh 49 of the 50 biggest metros Are up on a year-year basis and and and Actually let's look at Anaheim California really quickly here uh this Is on Red finin Data Center their median St price so we're up by 25% we're not Talking about the average sale price at Around 200,000 because in Anheim we're At 1,1 195,000 At this time uh last year we were at Approximately 956 th000 and look at that

Last year down 10% now it's up a Whopping 25% what's astonishing about this is That even though new lines increase by 18.4% year-over-year in Anaheim California prices still increase by 25% So let's really quickly have a look at Active listings to kind of gauge what's Going on there yeah at that so you know On a national level we're more or less At a three-year high right but look at Active lising in Anaheim it has been Flat over the past month month or so and Also down by um about 8% on a year ofe Basis whereas on a national level let's Look at that real quick on National Level we're up by 10% and at least A3 or High so inventory can really tell us the Balance between supply and demand Anaheim inventory down big time at least A three-year low Whereas on a national level we're at Least a three-year High let's also take A look at Austin Texas as well because That's the only Metro that's down on a Year-year basis so again look at this Inventory up by 5.5% and at least a threee high as well Regarding prices take a look at that uh We're down by uh approximately 1% in Addition look at the difference between Um this year compared to 2022 uh right now it's at 464,000 at This time in

2022 we're at approximately 5 41,000 This means the median so price in Austin Texas has decreased a whopping 14% over the past 2 years in addition we Looking at levels in 2021 uh it's getting really close to Being at least a three-year low right Now uh right now it's at 464,000 at this Time in 2021 Uh they're at approximately uh 445,000 What a difference three years makes Right back in 20121 the Mei sold price Up a whopping 35% year-over-year now It's down by 1% and again part of the Reason why um prices are decreasing in Austin Texas because inventory is Skyrocketing up by 5.5% at least a Threee high and this by the way excludes Brand new home construction when looking At uh new home construction in the Austin Dallas San Antonio a lot of Markets in which they have land to build On we're seeing a lot of um houses or New houses um being built uh so this Could likely impact um uh close home Sales of existing houses as well all Right let's get back to redin support Let's talk about asking prices as well Because asking prices these are the Prices you ask for your house the meean Asking price on National level that Increase the whopping 6.7% and also reach a new all-time Record high that uh year viewer increase

Is also the biggest um increase since September of 2022 let's take a look at that I mean This is just absolutely wild to see Asking prices absolutely skyrocketing Right now on a national level every Housing Market's different but up by 6.7% uh around $416,000 at this time last year it was Around 389,000 and also around down uh 339,000 at this time in 2021 also like I Mentioned average monthly housing Payments up a whopping 12.6% and reach a new all-time record High we'll have a new all-time record High next week because rates have Increased from this rate um from 7.1 to Uh what was it uh 7.17% so look for a new all-time record High uh next week as well and here's a Chart showing um average payments right Now I mean basically skyrocketing due to Increases of prices as well as rates as Well the previous all-time record high Was back in October by the way at around I think it was just under um $2,800 per month and that was back when The average 30-year fix rate was around 8% now the they're looking at rates at Around 7.10% through average monthly housing Payment just uh under $2,900 uh per month which is uh I mean Way higher compared

2021 uh back then your average monthly Housing payment was around $1,600 per Month now aing 2,843 can you say a lack of housing Affordability uh Nationwide which is sad But true um oh let's change gears a Little bit here and talk about new Listings pending home sales as well as Active listings so pending home sales a Measure of contracts being signed Between buyers and sellers fell by 3.8% that that's the biggest decline in About 6 weeks meanwhile new listings Increased by 10.2% uh but again about one month ago We saw a gain of around 12% active Listings up by uh 10.1% however when looking at data from Realor.com and alus research.com uh they Are reporting gains of around 30% and Not 10% here's red Fin's data center Looking at pending home sales it's down By about 4% and also it's at least a Three-year High during this time frame And it's basically kind of going uh or Has been flat for about 2 months now Where it's more normal to see increases Of pending home sales during the Spring Home buying season right so that's very Much a lead indication of close home Sales in the next one to two months this Implies that we'll see a relatively low Level of existing home sales in the next Coming months uh in regards to NIS

Scenes that's down from uh 202 21 and 22 But up by 10.2% from um 1 year ago but Approximately 1 month ago we were up by 12.0% so in other words we're still up Year-over-year but the uh gains are Actually losing momentum uh right now And that's probably one of the reasons Why active litins have been relatively Flat over the past month uh as you can See right there you know active listings Are increasing is at least a threeyear High but we're not seeing this big Increase like we saw in February as well As March all right let's take a look at How each of the 50 most populous metros Fared regarding pending sales and as Well as new listings so pending home Sales actually increased in nine of the 50 biggest metros uh the biggest Increase was actually in San Jose California followed by San Francisco Seattle Milwaukee and Anaheim in Contrast the biggest decreases of Contracts being signed between buyers And sellers of existing houses was in NASA County Down by nearly 14% then we Have Phoenix Fort lawdale Florida Houston and Riverside in regards to new Listings new listings increase once Again um San Jose California has been The top spot for pending sales as well As new listings for about a month now so New listings um surge by

43% and uh Jacksonville Florida surge by 29% then we have Phoenix Sacramento Where I live and Miami uh in contrast uh There was six metros that decreased Year-over-year those metros were New York New Jersey down by 9% then we have Cleveland Ohio Chicago Milwaukee Providence Rhode Island and Detroit I Also want to discuss the month supply as Well because the month supply on a National level is at 3.2 months uh That's a slight increase compared to Last year which is in Orange right here Um but the month supply even though it Has been relatively flat and going down Which is seasonal is at least a Threeyear high as well so back in 2022 we had more or less you know close To all-time record lows of inventory and The month supply was only around 1.8 Months now it's at 3.2 months uh Meanwhile 43% of pending home sales went Under contract within the first two Weeks in other words uh 43% of the time House is sold very quickly but that is At least a three-year low so in 2022 for Example that ratio was around uh 55% now It's at 43.3% uh days in the market uh so it's Taking approximately 35 days to sell a House that's when you list your home for Sale and then when you accept an offer From a home buyer that measure is days In the market however it doesn't um

Become a measure until the house Actually closes uh or becomes finalized So this is very much a laggy indication Uh of her housing market so right now We're at 35 days roughly in par with What we saw in 2023 also around 30% of houses that sold Over the past one month sold over the Sell's final list price this means of Course that 70% sold at or below the Sell's final list price and this is Roughly on par with what we saw back in 2023 uh the share price drops and you Keep in mind here we're talking about All record highs for sold prices a Lagging indication but also all-time Record highs for asking prices yet look At this the share price drops at least a Three-year High during this time frame By far uh the share price drops at 6% Right now one year ago we are just under 4.5% the share price drops absolutely Skyrocketing um over the past one month Um also the average sale price to final List price r ratio is at 99.2% this means on average for the Houses that sold a lag indication they Sold for 8% points less than the sell's Final list price uh at this time in 2022 houses were selling for way over Asking on average just over uh 2% over Asking now they're around 1% below Asking and with that said please comment Below with your biggest takeaways from

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