NOT IN SOUTHERN CALIFORNIA
calling BS on this.
No way this is true in north GA.
In my city, homes are going for asking price and more the first day on the market. It’s crazy - wish I could sell but I want to stay in the same neighborhood so it is pointless.
See California...That's exactly what has been happening for a long time now.
The media trying to put a bad spin on the economy. Of course it was way better under Ovomit.
This is a post tax reform market now. State and local taxes play a part as well.
Huge Lefties own it .
Certainly not true in the Houston area. It’s going gangbusters.
I can see it in Orlando. Homes in my neighborhood sell quick for 320k, 100k over real value imo. I’m seriously considering selling and renting until the next crash. I’m in the last of the boomers, fwiw.
In NW Florida, we are in an incredible housing boom,. We were quiet for about 4 years, very few sales, fewer new homes going up. Now, I can hear workers building houses on Sunday afternoon! When construction workers are putting in a full day on Sunday, the market is definitely HOT!
I’ll say the same thing I said in 2006 or 2007 when folks were yelling about a housing bubble - I depends on where you are.
It turned out to be a major crisis in Atlanta, Phoenix, Florida and parts of California. It was barely a blip in Dallas.
San Fernando valley by Los Angeles where the average is $650,000+ for a single story ranch home with no basement and with a small yard with a 6’ tall or taller brick fence and neighbors able to look into every part of the yard if higher ground and peer into the windows plus home in need of fixing up plus high electric and high temps in the summer and high garbage collection ‘fees’ and heavy traffic.....
I gave up and will be buying elsewhere one day.
Lots are disappearing in my area and homes are being built. But that’s here in Red Tide Paradise.
I predict a crash in a few years when I retire.
Their tax laws have encouraged children inheriting their parent's homes to move in or rent them out. Whatever it takes to avoid the huge tax hit imposed by the state.
THAT is what is keeping those houses off of the existing home sales list!
Rates are too damn high
Portland Press Herald
Maine homes sales, median price rose by over 9% last month
Maine experienced solid gains in both median price and sales volume for existing single-family homes in July.
Maine Listings reported Wednesday that 1,864 homes changed hands – an increase of 9.7 percent from the same period a year earlier – and the median sale price jumped by 9.2 percent to $225,000. The median indicates that half of the homes were sold for more money and half sold for less.
“For-sale inventory is coming onto the market, but statewide we’re seeing 12 percent fewer homes for sale than a year ago,” said Kim Gleason, president of the Maine Association of Realtors and broker/owner of McAllister Real Estate in Hallowell. “Pricing is related to these market forces; home prices continue to rise, which is an advantage for current homeowners looking to build equity, but rising prices can become an obstacle for first-time buyers. In some Maine markets, price gains are outpacing income growth because of consistently low for-sale inventory levels.”
For the three-month period ending July 31, statewide home sales volume increased by 3.7 percent in Maine compared with the same period in 2017.
The median sale price for the three-month period increased by 9.8 percent compared with a year earlier, to $225,000.
. . .
https://www.pressherald.com/2018/08/22/maine-home-sales-up-nearly-10-percent-in-july/
Practically every piece of buildable land in the Tallahassee and Crawfordville, Florida areas have houses being built or new ones for sale. A builder said that he can’t build the same house this month for the same price he built it last month, which says there’s a big demand on materials.
I can picture that owners of existing homes have bumped the prices up because they see the market is up. Higher prices will reduce demand. But, that’s were the market forces come in to play.
On the other hand, God, if you’re watching, please, please, don’t let the economy tank before midterms.
Have 3 friends that decided to sell - 2 were sold within a week of being posted (one on second day) and the 3rd took 2-1/2 weeks. MS Gulf Coast area.