Housing

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.

As Prices of New Houses Drop, Sales Jump: Cut the Price and They Will Come.

by Wolf Richter • Jun 27, 2023 • 134 Comments

Price cuts & mortgage-rate buydowns pull sales from previously owned homes.

Home Prices Drop Year-over-Year by Most since 2011, as Investors Pull Back, amid Dismal Sales and Rising Supply

by Wolf Richter • Jun 22, 2023 • 206 Comments

June (next month’s data) will be the final leg of spring selling season. Then things skid downhill till early 2024.

Not a Recession Scenario: Multifamily Construction Starts Spike to Highest since 1986, Single-Family Starts Bounce

by Wolf Richter • Jun 20, 2023 • 204 Comments

Another sign the economy is flying a cruising altitude and refuses to land, even with short-term interest rates over 5%.

That was Fast: Mortgage Rates Re-Spike to 7% Range as it Sinks in that the Fed Won’t Cut Rates “Anytime Soon,” Mortgage Applications Plunge to 1995 Levels. Even Investors Pull Out

by Wolf Richter • May 31, 2023 • 194 Comments

Spring selling season was a dud. But what comes next may be worse, that’s what mortgage applications and investors tell us.

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