Housing inventory fell again keeping inventory at levels not seen since June, according to the weekly report from Altos Research.

  • Available inventory of homes for sale dropped again this week to 457,000, this is 2% lower than last week and is now 7.0% lower than at the start of 2023.

Activity Picking Up. Pending sales climbed 6% again as buyers moved quickly for the limited inventory. Amazingly, new listing volume is actually lower than last year with just 52k new listings.

Home Prices. The median home held at 415,000 which is up 2.0% from the start of 2023 ($405,100).

  • Price cuts continue to fall hitting 33.0% in the latest report, down from 33.9% last week and down over 10 percentage points from the 43.2% peak reported in the fall.

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