After two weeks of gains, housing inventory declined while prices and the number of homes under contract continue to fall, according to the latest data from Altos Research.
- Housing inventory fell slightly to 575,000 homes, this down from the 577k reported last week.
- This is 44% higher than last year at this time when there were only 400,000 homes on the market but is still 37% fewer than where we were in 2019.
Forecast. Mike Simonsen, CEO of Altos, now predicts we will end the year with 520k single family homes on the market, up slightly from the 510k forecast at the end of October.
Prices. Median price of single family homes were unchanged at $425,000 for the week. Simonsen is predicting they will end the year at $400k a 11.9% drop from the record high reported in mid-June.
- New listing prices pulled back 1.0% to $374,900 an 11.76% drop from the high seen in mid-June.
Reductions. Price reductions are still on the rise hitting 43.2% this week well above the yearly low of around 15.0%.