Housing

“Locked-in” Homeowners Nevertheless Pay Off Below-4% Mortgages: their Share of All Mortgages Outstanding Drops to 55%, Lowest since Q1 2021

by Wolf Richter • Jan 20, 2025 • 172 Comments

Big changes in life, corporate switcheroos from working-remotely-forever to return-to-the-office, job changes, natural disasters, etc., force their hand.

The Big Cities with the Biggest Price Declines of Single-Family Houses or Condos from their Peaks: From -9% to -21%

by Wolf Richter • Jan 19, 2025 • 114 Comments

Austin, Oakland, New Orleans, San Francisco, Washington D.C., New York City, Detroit, Seattle, Portland, Tampa.

Bring on the Supply: Single-Family Construction Starts in 2024 Rose to 2nd Highest in 17 Years amid Budding Glut. Multifamily Starts Plunge from Boom amid Oversupply & CRE Depression

by Wolf Richter • Jan 17, 2025 • 81 Comments

But small multifamily buildings with 2-4 units dodge the CRE depression.

The Most Splendid Housing Bubbles in America, Dec 2024: In 21 of the 33 Metros, Prices Have Now Dropped Below 2022 Peaks

by Wolf Richter • Jan 12, 2025 • 112 Comments

State of housing markets in New York, Los Angeles, San Diego, San Francisco, San Jose, Chicago, Dallas-Ft. Worth, Houston, Washington D.C., Philadelphia, Miami, Atlanta, Boston, Phoenix, Seattle, Tampa, Denver, Baltimore, Charlotte, Portland, Austin, Las Vegas, Kansas City…

Treasury Yield Curve Steepens, as Long-Term Yields Coddle Up to 5% while Short-Term Yields Stay Put, Not Seeing Any Rate Cuts. Mortgage Rates Rise to 7.24%

by Wolf Richter • Jan 11, 2025 • 168 Comments

30-year Treasury bonds sold at auction on Friday at highest yield in at least 16 years despite Fed’s 100 basis points in rate cuts.

Buyers’ Strike Continues: Pending Home Sales Remain Deep in the Frozen Zone though up a Tad from Rock Bottom

by Wolf Richter • Dec 30, 2024 • 109 Comments

Prices are still way too high, but… “Buyers are in a better position to negotiate as the market shifts away from a seller’s market”: NAR.

San Francisco House Prices Drop Back to 2019, Condo Prices to 2015, as Tech Jobs in the City & Silicon Valley Evaporate after Drunken Hiring Binge

by Wolf Richter • Dec 26, 2024 • 85 Comments

Housing Bust 2 reverses part of the “Housing Crisis” when people with good incomes could no longer afford to live in the City.

Glut of New Completed Single-Family Houses for Sale Spikes to Highest since 2007, Prices Drop to Lowest since 2021 But Are Still Way too High

by Wolf Richter • Dec 23, 2024 • 149 Comments

Lennar shocked the market by saying it’ll address this situation with further price cuts; its average price to drop by 16% from the peak in 2022.

Treasury Yield Curve Un-Inverts Entirely, as Long-Term Yields Rise while Short-Term Yields Stay Put, No Longer Pricing in Rate Cuts. Mortgage Rates back Above 7%

by Wolf Richter • Dec 21, 2024 • 120 Comments

Since September, the Fed cut by 100 basis points while the 10-year Treasury yield rose by 87 basis points! There are now doubts about further cuts.

Home Sellers, Home Buyers, and Brokers Getting Used to the “New Normal” Old Normal 6-7% Mortgages?

by Wolf Richter • Dec 19, 2024 • 61 Comments

Existing home sales rise from multi-decade rock-bottom, still -34% from 2021, -22% from 2019. Supply highest for November since 2018, days on market highest since 2019.

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