Housing inventory continues to defy all expectations and fell for the sixth straight week, according to the latest data from Altos Research.
- Inventory of single-family homes fell to 418k, down 2.5% from last week and is now down 15% from the start of 2023 (490k).
- Housing inventory is now at the lowest level since June 2021 when the housing market began to cool off.
Home Prices. The median home price continues to climb increasing to $424,999 this week, up and now up 5.0% for the year ($405,100).
- 31% of homes have taken a price cut recently, down almost a third from the 43.2% peak reported in the fall.
Shock Stat. More homes went into contract this week than last year at this time! 69,000 vs. 68,000 last year.