Housing Inventory Falls 2.5% To Start December

Housing Inventory was down for the fifth straight week, according to the latest weekly survey from Altos Research.

• Housing inventory levels fell to 549,000 single-family homes on the market, this is down 2.5% from last week and is now down 4.8% from the 577k peak at the end of October.

Price. The median price of a single-family home was down to $415,900, this is only 0.8% lower than last week but is now down 8.4% from the mid-June peak ($454,000).

• Mike Simonsen, CEO of Altos, predicts home prices will end the year at $400k.

Price Reductions. Price reductions are now down for the third straight week to 42.5%, down from the 43.2% peak in early November.

• The price of new listings has fallen to the same level they were last year ($349,00).

• Simonsen predicts that price reductions will start climbing again in February, especially if rates are over that 5.5% threshold.