Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real Estate

Northwest Realtors: October is the best month for home shopping

Housing inventory to hit its peak

As summer fades into fall, Realtors in the Northwest area explained now is the perfect time to buy a home since housing inventory will begin to reach its peak levels in October, according to the latest report from Northwest Multiple Listing Service.

“October will be the best month for selection and availability until late February,” said John L Scott chairman and CEO J. Lennox Scott on the latest statistics from Northwest MLS.

A recent analysis from Trulia also showed that autumn is the best time of year to buy a starter home due to decreasing demand, and increase in housing inventory and cooling home prices.

Housing Inventory increased to 1.7 months’ supply by the end of the month in September, matching 2017’s high that was first hit in February, according to the report which covers 23 counties in and around Washington state. While this is still well below the four to six month supply of a balanced market, it is an improvement from 1.55 months’ supply in August.

But while demand is beginning to cool for the year, allowing for inventory to rebuild, it is still up significantly from last year.

“We continue to have very strong buyer demand as the typical seasonal slowdown begins for new listings,” Scott said.

Members of the Northwest MLS added 10,120 new listings during September, up slightly from last year’s 10,029. By the end of the month, there were 15,888 single family homes and condos still listed on the MLS database. This is down 12.4% from last year’s 18,136 listings.

Home prices also continue to soar, rising more than 12% from last year’s $340,000 to $385,000 this year in the Northwest area.

“The entire region is off the charts,” said Mike Grady, Coldwell Banker Bain president and chief operating officer, referencing the latest numbers from the Case-Shiller Home Price Index. It shows Seattle area home prices have spiked 13.5% in the past year, well above second place Portland with its 7.6% average and more than twice the national average of 5.9%.

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