The housing market is changing—here's where it's happening
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To provide a better understanding and overview of the resale real estate market, we've put together a few interactive maps from ResiClubLatest reports this month.
The big picture? There is growing weakness in some pockets of the Southwest and Southeast, particularly in the Gulf and Florida markets, while most resale housing markets in the Midwest, Northeast, and Southern California remain strong.
(For best results, view these interactive/zoomable maps on desktop.)
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Here's how Realtor.com, the source where we get the raw “days on market” data, defines it: “The average number of days spent listing properties on the market within a specified area during a specified month. Time spent on the market is defined as the time between the initial listing of a property and its closing date or the date it is taken off the market.”
Regionally, there is the greatest weakness in the Gulf, including most of Florida, while many markets in the Midwest, Northeast, and SoCal have very few days left on the market.
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When evaluating home price momentum, it's important to monitor active listings and offer months. If active listings begin to increase rapidly as homes stay on the market longer, it may indicate potential price weakness in the future. Conversely, a rapid decline in active listings may suggest a growing market.
Most of the Midwest, Northeast, and West Coast remain below pre-pandemic levels. In contrast, many parts of the Gulf Coast, including Tampa and New Orleans, and the Mountain West have bounced back above pre-pandemic productivity levels.
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As ResiClub Of note, certain markets, particularly in the Northeast and Midwest, have experienced home price growth over the past 12 months that exceeds the “modest” label. Meanwhile, home prices in certain areas of Texas, Louisiana, Mississippi, and Southwest Florida have softened or declined last year.
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