In this week’s data, inventory came in unchanged from last week. That was a little surprising to me – I had expected some inventory growth across the country, because buyers have stopped cold with the spiking mortgage rates. But instead what we’re seeing is a “tug of war” between buyers and sellers. Sellers just have no need to sell right now.
Home prices across the country are receding each week, as is normal for this season. The median price of single family homes in the US is $434,000. This will be closer to $400,000 by the end of the year, but will still be 10% higher than where last year ended.
In this week’s Altos update, I do a deep dive into the slowdown in sales volume and talk about what’s on the horizon for prices, inventory, and more.