By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
9
Notification Show More
Videos
Nvidia’s big $4 trillion milestone: Why some say the stock could go even higher
16 hours ago
Videos
Why 3D printed houses are on the rise
17 hours ago
Videos
Elon Musk wants to launch a new political party. Here’s why some people think it won’t work.
2 days ago
Videos
Why Even High Earners Are Living Paycheck To Paycheck
2 days ago
News
Bank of America: Higher Yielding Preferred Stock Is Still Attractive (NYSE:BAC)
2 days ago
Videos
“Invest in what you know.”
3 days ago
News
‘All the banks were lying’: Tom Hayes on his decade-long battle for justice
3 days ago
Videos
Tesla Opened A Diner In LA — Here’s What It’s Like
3 days ago
News
Wall Street Roundup: Tesla Skepticism, Google Stands Out, DORK Shorts
3 days ago
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Finance > U.S. housing market is heating up this summer, despite high interest rates
Finance

U.S. housing market is heating up this summer, despite high interest rates

News Room
Last updated: 2023/08/03 at 12:10 PM
By News Room
Share
5 Min Read
SHARE

There appears to be no immediate respite in sight for first-time buyers hoping to get a foothold on the property ladder, according to the latest data from Realtor.com released on Thursday, which looked at housing inventory in the top 300 metro areas.

Contents
A long, hot summer of low inventoryWhere is housing inventory getting worse?Where is housing inventory getting better?Supply is a more complicated story out West

Active inventory — the number of homes are on the market across the U.S. — fell by 6.4% year-over-year in July. New home listings — which refer to homes appearing on the market for the first time — fell by 21% from the same period last year.

“Summer tends to bring ample buyer demand as well as growing home supply as households look to make big changes between school terms,” Hannah Jones, economic data analyst at Realtor.com, told MarketWatch.

But buyer demand has been lower this summer compared to previous years, and supply has not been plentiful. “Limited housing supply means that even with fewer buyers looking, many areas are seeing fierce competition for homes,” Jones added.

(Realtor.com is operated by News Corp.
NWSA,
+0.48%
 subsidiary Move Inc. MarketWatch is a unit of Dow Jones, also a subsidiary of News Corp.).

A long, hot summer of low inventory

“Inventory is incredibly low this summer,” Jeff Tucker, senior economist at Zillow
Z,
+1.42%,
told MarketWatch.

Approximately 4 out of 10 homes were sold above the list price, as of the middle of June, the company said. In 2018, less than one-third of home sales were sold for over the list price.

People who thought that the pendulum was swinging in the other direction — and that the market is cooling down — will likely find those figures surprising, Tucker said. “That did not come to pass.”

Where is housing inventory getting worse?

In July, inventory fell the sharpest in Stockton, Calif. (down 56%), followed by the Bay Area (down 52%), and the San Diego-Chula Vista-Carlsbad metro area (down 46%), Realtor.com said. The median price of homes in Stockton are $449,000. In the Bay Area, the median price is $1.5 million, and nearly $500,000 in San Diego.

Inventory fell 29% in July in Oshkosh-Neenah, Wis., and by 26% in Lancaster, Penn. The median price of a home in Oshkosh, Wis. is $260,000, and $320,000 in Lancaster.

The post-pandemic return to the office has also had an impact on the number of properties available for sale. In New York City, housing inventory has fallen considerably in specific parts of the Bronx and Brooklyn. For instance, in the zip code 11206, more commonly known as Williamsburg, the number of active listings has fallen by nearly 39% from last July. Brownsville in Brooklyn ranked second, with a 10% drop in inventory. Bathgate in the Bronx ranked third.

Where is housing inventory getting better?

The Sun Belt offered an increasingly high number of homes for sale in July, Realtor.com said.

Housing inventory was highest in July in the Crestview-Fort Walton Beach-Destin metro area, where listings grew by 21% year-over-year, followed by Punta Gorda (up 72%) and Panama City (up 15%). All of these metro areas are in Florida.

Other areas saw a big jump in listings. Killeen-Temple in Texas saw the biggest growth in home listings over the last year (79%), Realtor.com said, followed by the Houma-Thibodaux, La. metro area (up 76%), and Punta Gorda, Fla. (up 72%).

But further out of major metropolitan areas, listing growth remains strong: Active listings grew 26% in Water Mill, Long Island, N.Y., they grew 13% in Alpine, Bergen County, N.J., and rose by 6.3% in Westhampton Beach in Long Island.

Supply is a more complicated story out West

Out West, the story played out a little differently: Home inventory is growing slowly in Los Angeles, a major city center for entertainment and the arts. Inventory rose by just 2.1% in July in Century City, Realtor.com data showed.

Malibu and Newport Beach also saw listings grow. In fact, housing inventory on Newport Beach grew by 125% in July and by 45% in Malibu. 

Comparatively inventory is lowest in the following California metro areas: Bellflower metro area, where home listings fell 48% in July, Westminster, where listings fell 65%, and South Gate, where listings fell 14%.

Read the full article here

News Room August 3, 2023 August 3, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Nvidia’s big $4 trillion milestone: Why some say the stock could go even higher

Watch full video on YouTube

Why 3D printed houses are on the rise

Watch full video on YouTube

Elon Musk wants to launch a new political party. Here’s why some people think it won’t work.

Watch full video on YouTube

Why Even High Earners Are Living Paycheck To Paycheck

Watch full video on YouTube

Bank of America: Higher Yielding Preferred Stock Is Still Attractive (NYSE:BAC)

This article was written byFollowThe Investment Doctor is a financial writer, highlighting…

- Advertisement -
Ad imageAd image

You Might Also Like

Finance

4 Ways To Avoid Fake Shipping Fee Swindles

By News Room
Finance

Dell Supports Endeavor Miami’s Quest To Empower Black Founders

By News Room
Finance

The World’s 10 Most Expensive Cities To Live

By News Room
Finance

Biden Sends Student Loan Forgiveness Emails To 800,000 Borrowers

By News Room
Finance

New Student Loan Forgiveness Application For Those With Medical Issues

By News Room
Finance

Who Really Owns Nursing Homes, And How The Feds Are About To Learn More

By News Room
Finance

Gone Are America’s Cushiest Federal Prisons

By News Room
Finance

Can You Still Get Insurance After A Cancer Diagnosis?

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?