Housing

Each of the Past 7 Julys Had the Lowest Inventory of Existing Homes on Record. Inventory Fell for 16 Years. One Big Reason: Technology

by Wolf Richter • Aug 23, 2023 • 113 Comments

A home enters inventory when it’s listed for sale and exits inventory when the sale closes. Technology finally sped up the clunky processes in between.

Home Sales Plunge Further as Demand Vanished at these Prices. Even Cash Buyers Pull Back. Supply Keeps Rising

by Wolf Richter • Aug 22, 2023 • 260 Comments

Prices drop MoM and from peak (Jun 2022). Days on market jump. Homeowners with 3% mortgages vanish as buyers and sellers, entire market shrank.

San Francisco House Prices Plunged Faster (-29%) in 16 Months of Housing Bust 2 than in the First 16 Months of Housing Bust 1

by Wolf Richter • Aug 17, 2023 • 140 Comments

But the Bay Area cannot keep up with the spectacular collapse of prices during Housing Bust 1. That had been a doozie.

Mortgage Rates Jump to Holy-Moly 7.09%, FHA Rates to Highest in 20 Years, Pulling Rug Out from Under Home Sales in August

by Wolf Richter • Aug 9, 2023 • 176 Comments

Mortgage applications to purchase a home: -40% from 2022 and 2019, 3rd worst week since 1995, behind only two weeks in February.

Prices of New Houses Drop Below Prices of “Used” Houses for First Time since 2005. Sales Languish, Inventories Sky-High

by Wolf Richter • Jul 26, 2023 • 48 Comments

Builders have to build and sell homes, no matter what the market conditions. More price cuts may be needed to get this moving.

Younger People Drove the Increase in Homeownership Rates over the Past Few Years: Census

by Wolf Richter • Jul 25, 2023 • 123 Comments

They’re making good money and got on with their lives. Fueled by low interest rates and FOMO, it was part of the force behind the price surge.

The Most Splendid Housing Bubbles in America, July Update: 3rd Year-over-Year Price Drop in a Row. Monthly Increases Are “Just Seasonal”: Robert Shiller

by Wolf Richter • Jul 25, 2023 • 120 Comments

Home price rise since 2012 “may be coming to an end”: Shiller. Biggest YoY drops: Seattle, San Francisco, Las Vegas, Phoenix, San Diego, Portland, Denver, Dallas.

Entire Housing Market, Buyers and Sellers, May Have Shrunk by 20% to 25% because of the 3% Mortgages

by Wolf Richter • Jul 21, 2023 • 417 Comments

They’re not listing their homes because they’re not moving out because they’re not buying a home to move into because they don’t want to give up their 3% gift from God.

Housing Market Faces Reckoning: Price of Used Houses now the Same as Price of New Houses

by Wolf Richter • Jul 20, 2023 • 299 Comments

Sales of used houses are dismal, even as supply & days on the market rise. Homeowners await inspiration. Homebuilders got the memo.

The Most Splendid Housing Bubbles in America, June Update: 2nd Overall YoY Price Drop since 2012. Biggest in Seattle, San Francisco, Las Vegas, Phoenix, San Diego, Portland, Dallas…

by Wolf Richter • Jun 27, 2023 • 164 Comments

It’s spring selling season, when prices always rise month-to-month, and they did, but it wasn’t enough.

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