Housing inventory fell for the sixth straight week, according to the weekly report from Altos Research.
- Available inventory of single-family homes on the market fell to 535k, down 2.5% from last week, and is now down 7.8% from the end of October peak.
Prices. The Median home price for single-family homes in the US is down to $415,000, a minuscule 0.2% drop from last week but puts home prices down 8.6% from the mid-June peak.
- Mike Simonsen, CEO of Altos, believes home prices will fall to $400k before the second week of January.
- Price reductions are now down for the fourth straight week to 42.1%, down from the 43.2% peak in early November.
Analysis. Mike Simonsen argues that inventory levels are low this year similar to last year but for very different reasons. “New listings now are 28% fewer than last year at this time. Last year available inventory was held low because Americans were still buying everything at 3% mortgage rates Now inventory is low because sellers are holding back”