I conducted an analysis of housing listings in the USA, focusing on properties for sale by both agents and owners, as well as rental listings.
Goal is to take a snapshot of the listings in the USA, and track them over time to see how long it takes for houses to sell or rent, how many price reductions and how much prices are crashing. So will be posting updates from time to time.
Here’s a summary of my findings to see how things are going since taking first snapshot on Oct 24:
On October 24, I compiled a comprehensive list of housing listings:
– For Sale: 1,435,514 ( this includes some lots as well)
– For Rent: 1,256,424
By January 4, I updated my analysis:
– For Sale: 1,150,680
– For Rent: 1,724,739
The data reveals that while the inventory of homes for sale has decreased, the inventory of rental properties has surged significantly.
To gain deeper insights, I cross-referenced the listings from October 24 with those available today. A total of 653,439 properties were still on the market, indicating that 45% of listings are still waiting for a sale. I have yet to investigate the status of the listings that have disappeared from the market since October—whether they were sold or removed.
Similarly, of the 1,256,424 rental listings on October 24, 1,129,593 are still available, which means an astonishing 90% of rental listings have remained on the market for over two months without securing tenants, all while the inventory increased by 600,000.
This increase in rental rates shows that some invoostors are still in denial—clearly waiting for — whatever. Hyperinflation and all.
Additionally, there were around 18,000 listings that transitioned from being for sale to for rent, and about 8,000 that shifted from being for rent to for sale. However, these crossover figures are not significant enough to skew the overall trends.
This analysis highlights a growing discrepancy between the housing market for sale and for rent, raising questions about market conditions and demand.
All the while 500000 new single family homes are under all stages of constructions, of which 140000 are for sale.
Does rental situation resonate with your market?
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