Single-Family Home Sales Are Falling Fast

A single word: perspective.

Be super careful about interpreting charts. For example, here’s an “alarming” chart from Vox sourced from the US Census Bureau.

And, here’s a more complete picture from the same US Census Bureau for a much larger time period.

August Realtor.com Stats

Some really good charts here for the August Realtor.com housing stats including this one showing that while median LISTING price is down from last month, we’re up 14.3% from this month last year.

Percent of Listings with Price Drops

Again, be careful how you interpret this data. Going from a ridiculously hot market to a less hot market, you’d expect to see an increase—even a significant increase—in the percentage of properties that have price drops. Read the article from Fortune.

Special thanks to Jassen Bowman for sharing this with me. Share an article and get a shout out!

Black Knight Mortgage Monitor July, 2022

The latest Black Knight Mortgage Monitor was released this week. This covers through July, 2022.

One chart from it shows the mortgage delinquencies are up from what looks like 20-year lows but still a very long distance from what we saw in 2008-2011.

Lots more charts in the report.

Homeowners Have A Ton of Tappable Equity

Our current market is not like 2008 in terms of how much equity homeowners have that they can access according to Bill McBride’s commentary on the Black Knight data. “So at least I got that going for me.”

Mortgage Rates Back Up A Bit

Special thanks to Lon Welsh for sending me the next few charts.

Rates are back up a bit.

Mortgage Bankers Association Purchase Index Down

Mortgage applications are down, but still above 2013 and 2014 levels for this time of year.

Real Estate Agent’s Sense of What Home Prices Are Doing

It would be interesting to see this data over many years instead of just a year. If anyone has that chart or knows where to find it, please email me. Thanks!

House Affordability Down

With prices and interest rates up, affordability is down.

Prices Are Still Up, But…

… the rate of appreciation is slowing.

Median Listing Price

The median listing price is down from where it was a few months ago, but still way up from previous years and even earlier this year.

Sold Price to List Price

Some folks are listing homes at high prices and accepting slightly less than their list price. Some properties are still selling for above asking price. Some are selling for larger than the .2% discount from list price. That’s how you get an average discount from list price of .2%.

Active Listings

The number of listings that are active is up. When properties are taking a little longer to sell, that makes sense. We’re still not near more reasonable levels from 2017, 2018 or 2019.

Fewer Seller Are Listing Homes For Sale

This doesn’t particular help with very low inventory levels. Low inventory can help keep pressure on rising prices.

Another View of Homes Listed For Sale

Consumers Expectation on Home Prices and Rents

Consumers think home prices are likely to decline over the next year… time will tell. They also think that rents will go up, but at a slightly slower rate of about 6%.

Negative Equity

With a lot of price appreciation in the last few years, homeowners have a lot more equity than what they had in previous years.

Enjoy!

Love,

James Orr
The Real Estate Financial Planner™

P.S. You’re welcome for the easter egg… for those that found it.