Posted on 06/28/2022 6:52:16 AM PDT by Browns Ultra Fan
Housing market is still hot, hot, hot!
A national measure of prices climbed 20.4% in April, down from the 20.6% gain in March, the S&P CoreLogic Case-Shiller index showed Tuesday. Craig Lazzara, a managing director at S&P Dow Jones Indices, noted that April data was showing initial, but inconsistent, signs of a deceleration in price gains.
Mortgage rates have nearly doubled since the end of 2021. The run-up in rates, combined with high prices, are squeezing potential buyers and starting to slow housing markets in some of the most popular pandemic boomtowns.
Covid monetary stimulus remains in place at inflation hits 8.6%.
(Excerpt) Read more at confoundedinterest.net ...
“Housing market is still hot, hot, hot!”
Yesterday your blog said housing was in the dumps?
Story yesterday afternoon said that YOY new home sales cratered 15%. With that softening demand, how can prices stay up?
Big inconsistency here.
For fun, I watch prices in beach communities in areas around Ft. Myers, Tampa/St. Pete, Ft. Lauderdale
Most areas have literally doubled from their lows in 2020.
Its not housing for an average family, but 40% up per year can not be sustained.
So, prices have to actually _drop_ about %15 to get back to last years absurd valuations.
No problem since everyone puts down 20%.
First time buyers are getting squished.
The Fed sure is doing a great job. Surely, we should all be gratfel that YOY appreciation is now only 20.4% instead of 20.6%. /s
I think this Case-Shiller index is a lagging indicator. Homes that sold/closed in Aril likely were put on the market in the middle of February.
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