Existing home sales hit 9-month high with inventory at 1.43M units
Summary
Existing home sales are at a nine-month high, driven by lower mortgage rates. Inventory growth is stalling, but the market remains healthier than it was in 2008. Hosts should watch for shifts in the housing market, as they can affect the overall STR landscape.
Key Insights
- •Total housing inventory is down 5.9% from October and up 7.5% from November 2024. This suggests a tightening market.
- •Existing home sales increased for the third straight month due to lower mortgage rates, reaching a nine-month high.
- •The median existing-home price is $409,200, up 1.2% year-over-year. This marks the 29th consecutive month of year-over-year price increases.
Action Items
- ✓Consider adjusting pricing based on changing inventory levels and mortgage rate fluctuations in your area.Effort: lowImpact: medium
- ✓Hosts should monitor local housing market trends as these can influence occupancy rates and pricing strategies.Effort: lowImpact: medium
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