Posted on 01/31/2023 6:29:22 AM PST by Kaiser8408a
The Case-Shiller index is out for November 2022. Too bad it is January 31, 2023. Call it “Happenings 2 Months Time Ago.”
On a year-over-year (YoY) basis, the Case-Shiller National home price index slowed to 6.77%. On a month-over-month (MoM) basis, the CS National index fell -0.54%. That is the 5th straight month of home price declines.
Only San Francisco fell on a YoY basis (down -1.6%). Five metro areas were above 10% and they are all in the South. Atlanta, Charlotte. Dallas, Miami and Tampa.
On MoM basis, every metro area in the Case-Shiller 20 index saw price declines from October to November.
(Excerpt) Read more at confoundedinterest.net ...
“Happenings Two Months Time Ago!”
Wow, that’s...illiterate.
And I hate when the price of MoM rises. Must be a MoM shortage.
Yeah, that headline is soup.
What do you expect from a blogpimp who's already been banned once.
The houses on offer and being sold are of lower quality as flippers shy away from buying houses, fixing them up in style, and reselling them.
1 and 2, because people finally woke up and said, “We live in a bleeping desert!”
A better way to gauge the strength of the housing market would be to look at the base prices of new houses by model by zip code.
There are plenty of areas where there aren’t really any new houses, just renovated older ones, or onesie-twosie redevelopments where someone has knocked down a 50s or older ranch or three.
Phoenix and Vegas both have the highest percentage of investor owned houses in the country.
These are not house flippers. They are companies that were buying houses to be built. Then selling them one to two years later for a profit. As soon as they see a correction, they dump them like a bad stock position.
That is pretty much the whole north east and New England.
Knock down a house and put up a bigger one. Knock down a house and put up a multifamily if allowed.
What we need mostly here in southern NH is 50 and over housing. Smaller two bedroom houses/condos where you don’t have to mow the lawn or worry about snow in the winter.
Prices about the same in our neighborhood in metro Atlanta.
3, because people realized they were living in a giant homeless camp.
Yes, that sort of housing is needed just about everywhere, and unfortunately almost no one is building it on an infill basis. You have to go to places like The Villages.
Where I live, midwest, builders are slowing down their building and actually lowering what they are asking for a new home. I’ve seen price drops in the 20K or more range and some builders are offering to buy down interest rates. That tells me that folks aren’t buying, are unwilling to over pay for houses around here. Some of this could be attributed to it being winter and folks don’t move as much in the winter. It will be informative to watch this if the fed raises interest rates again. That will price more folks out of the housing market no doubt.
But it has an exclamation point so it’s dire.
After screaming about how housing prices are way too high, now you’re supposed to panic that they are coming down.
Housing prices have gone through this same cycle about every 7-10 years for decades. Housing prices are heavily tied to affordability of finance. Interest rates down, price up, rates up, price down. The Broker-owner where I first hung my real estate license in 1984 had a chart on his wall showing exactly that.
It’s normal, but normal doesn’t get clicks.
As you know there are hundreds of housing submarkets and conditions can simultaneously be different in different areas.
This is all being driven by demographics. The baby boomers are either retired or within 5-7 years of retirement.
I/we do not need a 2700 sq ft 4 bedroom house anymore.
The 30 somethings are not having kids. If they do they are having one or max two. They do not want a big house. Eliminate the formal dining room and the living room. That is also why formal dining room used furniture is WORTHLESS. You have to give away china cabinets now. Not as bad as a piano though.
A play on The Yardbirds “Happenings Ten Years Time Ago.”
You’re right. Housing, like politics, it’s local.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.