An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

A NAR board member tells (almost) all

For this week’s Houses in Motion, a miniseries that is part of HousingWire Daily, we spoke with Lisa Dunn about the pressing issues in real estate, including disclosure of agent commission.

Real Estate

Bloomberg: This is how the West Coast is benefiting from the housing market slowdown

San Jose's inventory jumped 55% year-over year in the first quarter of 2019

This year’s spring homebuying season has shifted towards the favor of homebuyers, heating up the nation’s tightest housing markets.

In fact, according to a recent article from Bloomberg, inventory in previously hot areas like California is piling up, giving potential buyers an extra edge.

From Bloomberg:

San Jose, at the heart of California’s Silicon Valley, had the biggest gain in inventory in the first quarter, jumping 55% from a year earlier, according to a study by Trulia of the 50 largest metropolitan areas. Seattle, Salt Lake City and San Francisco followed. At the same time, the number of listings is shrinking in cheaper markets, led by Washington; Baltimore; Kansas City, Missouri; and Oklahoma City.

Homes in many previously hot areas are piling up as demand cools. Buyers stepped back last year after a spike in mortgage rates exposed an affordability crisis, especially in western urban centers where bidding wars were the norm. Now, even as borrowing costs have `dropped back down, sales have been slow to rebound.

And Trulia’s right, according to the Census Bureau and the Department of Housing and Urban Development, new home sales declined 6.9% in January.

But although the nation’s supply of listings has dropped across the country, Bloomberg notes it differs on the local level.

According to the article, inventory has grown in more than half the 50 largest metros, including Los Angeles, Denver, Nashville, Atlanta, Dallas and Boston.

RE/MAX’s National Housing Report revealed that although home sales retreated 11% on an annual basis, inventory climbed 6.4% year-over-year in January.

"Underlying demand remains solid overall, as evidenced by widespread price increases," RE/MAX CEO Adam Contos said. "So the housing market, while not markedly busy in January, remains relatively healthy. Furthermore, with interest rates stabilizing and home-price increases slowing, the spring selling season shapes up to be as interesting as any we have seen in years."

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