Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In addition, we continue to give readers more timely weekly updates, an effort that began in response to the rapid changes in the economy and housing as a result of the COVID-19 pandemic. Generally, you can look forward to a Weekly Housing Trends View and the latest weekly housing data on Thursdays with a weekly video update from our economists on Fridays. Here’s what the housing market looked like over the last week.
Housing market indicators were remarkably stable this week. Home price growth matched last week’s pace while inventories rose by the same annual pace. Time on market clocked in up from a year ago on par with last week’s trend. The only difference this week was among new sellers who continue to lag behind year-ago levels, but by a smaller amount this week. Pessimists will focus on the continued declines, but optimists will note the shrinking gap.
While the economy continues to hum along, with more than 300,000 jobs added to payrolls in February, financial conditions, including several bank failures, have raised concerns. These concerns may translate into somewhat lower interest rates, including for mortgages, which would normally boost home sales. However, if these concerns grow, they could undermine consumer confidence and end up offsetting any real benefit.
Note: With the release of its Weekly Housing Trends Views-Data Week Ending in Feb.18 2023 , Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology updates and improves the calculation of time on market and improves handling of duplicate listings. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the weekly data released since February 23, 2023 will not be directly comparable with previous data releases (files downloaded before February 23, 2023) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.
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Weekly Housing Trends View — Data Week Ending Mar 11, 2023 – Realtor.com News
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