That’s a nice view
Mike Simonsen
@mikesimonsen.bsky.social
2854 Followers
189 Following
I help people understand the housing market. Now: Chief Economist, Compass. Prev: Founder CEO Altos Research (acq by HWMedia)
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When home sellers don't get the offer they want, one option is to withdraw the listing.
How much are cancellations effecting the market right now?
Lots of people asking that question. Here's how I look at it. As a percentage of new listings - how many cancel?
Some data:
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This week: The Great Stay - Looks like sellers are backing off now.
Here's this week's video with all the data:
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5/6 Price Reductions
➡️ At 41.7% of the active listings, price reductions were unchanged from last week but still significantly more than a year ago.
While pricing is obviously soft in most of the country, it's notable that it's not deteriorating.
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4/6 Home Prices
➡️At $399,000 home prices are just 1.5% above last year at this time.
Even as sale inch upwards, it sure looks like there are lots of opportunities for home prices to finish 2025 in negative territory.
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3/6 Weekly Pending Home Sales
➡️68,000 new contracts for single family homes.
That dipped 3% for the week but is still 3.5% greater than last year. Slowly that'll turn into transaction growth headlines.
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2/6 Inventory
➡️There are 867,000 single family homes on the market.
That's 26.6% more than last year. Lots more unsold homes, but inventory was growing faster then.
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This week in the Compass Intelligence weekly housing market data:
Everyone knows that the price pressure is on. Did you know that have been gradually FEWER new listings each week?
Sellers are staying away.
That implies a cap on inventory growth for the rest of the year.
1/6
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11:30pm update. Problem fixed.
Owner fixing the locks with a hammer on our Virginia AirBnB at 10:30 on Friday night. Real estate is passive income, guys!
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Owner fixing the locks with a hammer on our Virginia AirBnB at 10:30 on Friday night. Real estate is passive income, guys!
