Coming at you live from HousingWire's The Gathering conference in Scottsdale, this week’s latest housing data video from Altos Research is up!

[video link follows the thread below]

We can see some impact of the latest jump in mortgage rates, for example inventory is up pretty

TIL: The Wizard of Oz was a parable for gold bugs fighting the same ol fight 120 years ago.

Heading on stage in a minute at The Gathering. I get to warm up the crowd for the inimitable Dr. Fairweather. 🙏🙏

Here’s this week's video with all the details on the US housing market.

Even as inventory build with higher mortgage rates, some price measures hit new all-time highs this week.

youtu.be/RQrFlBAqC0s?si…

7/7

Price Reductions

📍We’ve been watching price cuts closely to see if buyers are hitting the brakes. I was surprised a bit this week to see the percent of homes on the market with price cuts actually ticked down to 32%.
📍Compare the change now to 2022 when the market was grinding

Home Prices

📍The median price of the homes newly in contract is $398,000. That surpasses the previous all time high from May 2022 of $395k
📍This measure of home prices is 6% higher than a year ago. It’s up, but the growth is slower than normal for this time of year.
📍The

Pending Sales

📍We can indeed see growth in home sales over last year. 71,000 new contracts started for single family homes this week
📍That’s 3% more than a week ago and 7% more than a year ago.
📍We don’t seasonally adjust the Altos numbers, but compared to most Aprils the

New Listings

📍69,000 new listings unsold this week.
📍That’s 3% more than last week and 14% more new sellers than a year ago.
📍If you include the immediate sales, new listings growth is up 11% YoY.
📍Would really like to see 75 or 80,000 new listings per week in May.
📍In the

Ben Carlson I think there’s a mindset that ironically makes these people look out of touch, but they’re not.

Most of us get rich by a lifetime of acting not-rich.

For decades, you deny yourself all the things. Then suddenly in your mid 50s, at your peak earning years, and you still feel

Sunday morning.

As a GenX kid, with punk rock roots. Every music recommendation algo ever made for me eventually devolves to Weezer.

Going to be really interesting to watch the buyers-agent-commission as negotiating tactic in competitive situations

Just noticed:

I think this is the first week that homes in Orange County, CA are now more expensive than homes in San Francisco.

This is a trend that looks to continue.

When rates fall even a little, housing demand will gobble up all the available inventory.

With weather like this we’re only gonna get another six weeks of California ski season.

But for a quick afternoon workout I am NOT complainin!

imho it's pretty simple:
(1) immigration
(2) growth-friendly macroeconomic policy

It all starts here.