Part 1: Current State of the Housing Market; Overview for mid-December 2024

This 2-part overview for mid-December provides a snapshot of the current housing market.

I always focus first on inventory, since inventory usually tells the tale! I’m watching months-of-supply closely.

New Listings for Existing Homes Up Slightly Year-over-year in November

Here is a graph of new listing from Realtor.com’s November 2024 Monthly Housing Market Trends Report showing new listings were up 2.0% year-over-year in November. New listings are still well below pre-pandemic levels. From Realtor.com:

Sellers continued to increase their activity this November as newly listed homes were 2.0% above last year’s levels, a sharp decrease from October’s rise of 4.9%. We noted last month that the sharp decrease in mortgage rates in mid-August could lead to an increase in listings in the coming months as lower rates begin to entice the marginal homeowner to sell, and that’s exactly what happened in September and October. But with higher rates taking a bite out of homebuying power, fewer new sellers are coming to the market than the two months prior.

Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but still well below normal levels.

Impact on Active Inventory

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