Housing inventory saw a slight dip this week after an increase last week for the first time in eight weeks, according to the latest data from Altos Research.
- Single-family homes on the market this week are basically unchanged from last week at 413,000.
- Housing inventory is down 17% from the start of the year thanks to declines in 8 of the last 9 weeks.
Prices. As inventory falls prices continue to climb as the median price of all the homes on the market rose to $433,000, up 1% from last week and 7.0% from the start of the year.
- Just over 30% of the homes on the market have taken a price cut as of this week, down from 38% at the start of the year.
Analysis. Mike Simonsen, CEO of Altos, noted that a major hit to the economy must happen before we get another big movement in prices. “We’ve been talking for 9 or 10 months about how home prices for 2023 would be flat or down and that moment is now upon us. So like we saw today’s state last year, now it looks like another big economic shock like recession and job losses will have to hit before home prices take another step down.”