New home construction prospered last year due to fewer resale home listings. In a news report published this month by Redfin, the real-estate brokerage quotes 32% of single-family home sales in Q4 2023 were new construction homes. The housing market saw a sizeable decrease in new construction following the Great Recession. With fewer new homes being built, the market leaned heavily on resale[...]
MarketNsight, a leading real estate data and analysis provider, presented its state-of-the-market report and 2024 predictions during Market Watch calling for zoning reform and new housing solutions. "Nationwide job growth of nearly 3 million jobs in 2023 underscores the urgent need for increased housing supply to accommodate new workforce entrants, whether they rent or buy," said John Hunt, Principal and Chief[...]
MarketNsight’s MarketWatch MarketNsight presents the current state of the Atlanta housing market and predictions for 2024 WHAT: From interest rates nearing 8% to resale inventory at a record low, there is an opening for new construction to fill the massive inventory gap. Find out more at MarketNsight’s MarketWatch on Thursday, December 14, 2023. John Hunt with MarketNsight and Dr. Rajeev Dhawan with the[...]
MarketNsight, a leading real estate data and analysis provider, reports that year-to-year pending sales turned positive the last week of October for the first time since the second week of June 2022. “Don’t get too excited – the last week of October 2023 is being compared to a very bad October 2022,” said John Hunt, Principal and Chief Analyst at MarketNsight.[...]
MarketNsight, a leading real estate data and analysis provider, reports that even after six weeks in a row with 30-year fixed mortgage rates higher than 7%, pending sales are performing better than in the fall of 2022. “Home buyers have become accustomed to higher rates, and the market continues to be driven by the lack of housing supply,” said John Hunt,[...]
Dr. Robert Dietz, Chief Economist of the National Association of Home Builders (NAHB), recently addressed the public affairs and communications committee at the fall leadership meetings in Palm Springs, California, sharing information on the US Housing Market. As an active member of NAHB, I am fortunate to chair public affairs for NAHB this year and have the opportunity to hear[...]
MarketNsight identifies 7% as the new sensitivity threshold for mortgages. The leading real estate data and analysis provider reports that rates in the second week of August 2023 rose to 7.09% - surpassing the 20-year highs set last fall. On the way to 7.09%, pending sales rapidly declined, completely reversing the positive trend witnessed in the third week of July[...]
In the first half of 2023, the housing market in the United States witnessed a significant downturn in turnover. Redfin reports that only 14 out of every 1,000 U.S. homes changed hands, a drastic decline from 19 out of every 1,000 during the same period in 2019. The drop is even more pronounced for large suburban houses. Let's dive into[...]
The U.S. housing market has witnessed a surge in luxury homes. According to a new report by Redfin, just over 8% of U.S. homes are valued at $1 million or more, approaching June 2022's record high of 8.6%. In Atlanta, MarketNsight data shows the same thing, with new and resale closings of homes more than $500,000 making up the bulk[...]
MarketNsight, a leading real estate data and analysis provider, reports that June’s collapse in housing inventory ushered in 2023’s first significant price increase. In late June, total inventory turned negative year over year for the first time in 13 months. Two weeks later, the effect of this drop in inventory was reflected in prices. Prices in July 2023 were up 6%[...]