USA

Is the US Housing Market Slowing Down? – Bloomberg

by
Boise - Deposit Photos

No city exemplifies the mania of the Covid-era U.S. housing market better than Boise, Idaho, where prices have surged by more than 30% in the past year. But in a sudden reversal, buyers are now the ones with power.

Asking prices for houses are being slashed. Bidders no longer have to waive inspections to win over sellers juggling multiple offers. Demand has slowed so much it’s like a light switch suddenly turned off, said Dominic Zimmer, a local Realtor.

“You’re seeing the fear of missing out switching from buyers to sellers,” Zimmer said. “Now sellers are afraid of not scoring the way they saw their neighbors do a year ago.”

Is the US Housing Market Slowing Down?

The cracks in one of the nation’s hottest housing markets mark an early signs of the housing market slowing down. That the US boom — fueled by low mortgage rates and remote-work moves — is losing intensity. While much of the country is still seeing record price increases and plunging listings, in some destinations builders who could hardly put up homes fast enough now have inventory sitting.

Full Story From Bloomberg

Realtor.com Forecasts Slow But Strong Fall US Housing Market

by
Fall US Housing Market - Deposit Photos

The forecast for the fall US housing market is lower temperatures—and a cooler real estate market, if only by a few degrees. The housing market is expected to shift to something closer to normal this fall, real estate experts say. They anticipate more homes will go up for sale, helping to slow down the unparalleled price increases and bidding wars of the past year.

But real estate is likely to remain highly competitive, as there will still be many more buyers than homes to go around.

“We’re going to exhaust the pool of buyers who are still sitting on a lot of cash looking to buy their next home,” says Realtor.com® Senior Economist George Ratiu. “The market does not have a magical way of sustaining this pace [of price growth], because you’re going to run out of people who can afford it.”

However, that doesn’t mean that home prices, whose national median hit an all-time high of $385,000 in the week ending Aug. 14, will drop in the fall US housing market. In fact, prices increased 8.6% year over year that week. But that’s significantly less than the 17.2% annual rise in April.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Clare Trapasso
See the Full Story at Realtor.com

Forecasting the Fall Real Estate Market – Forbes

by
Forecasting the Fall Real Estate Market - Pixabay

Today’s hot housing market is one of the peculiar outcrops of the pandemic. Housing supply was already low before Covid-19, but it was further hampered as lockdowns took place and people began looking for new homes, driven by a host of reasons—from the desire to leave populated cities to better home offices or just fear of missing out (FOMO). So what does the Fall real estate market have to offer?

The Federal Reserve’s steps last year to keep the financial markets liquid and to ensure mortgage rates stayed low have continued. But the low mortgage rates pale in comparison to soaring housing prices in the past year.

Home prices nationwide, including distressed sales, grew by 17.2% in June 2021 compared with June 2020—a record high, according to the latest CoreLogic report. And while there have certainly been hot seller’s markets in the past, none quite compare to the current market where more than 50% of homes for sale have fetched over the asking price.

“We’ve been tracking housing prices for over 20 years, and we’ve never seen anything like this,” says Frank Nothaft, chief economist at CoreLogic.

Historically, the Fall real estate market ushers in less competition and better deals as children return to school and the holidays overtake schedules. But the pandemic altered that trend last year, and many cities are going through double-digit percentage increases in housing prices.

To get some insight into what prospective buyers and sellers can expect as we enter the midpoint of summer, Forbes Advisor spoke to housing experts across the country to get their forecast on home prices, rates and buyer appetite in the Fall real estate market.

Full Story From Forbes