Posted on 06/05/2024 12:29:41 PM PDT by ChicagoConservative27
Homebuyers willing to brave today’s high mortgage rates might at least be delighted to find that they have plenty of homes to consider.
In the latest monthly housing report from Realtor.com®, the overall number of homes for sale in May marks seven months of growth.
“The biggest eye-catcher for me is the fact that inventory is rising sharply,” says Realtor.com senior economist Ralph McLaughlin. “There are 35.2% more homes on the market than this time last year, an incredible trend in the direction of normality.”
“While the housing market is still in the seller’s territory, it is expected to shift in a buyer-friendly direction as mortgage rates resume their decline over the next year and the number of homes for sale increases,” says Realtor.com economic data manager Sabrina Speianu.
(Excerpt) Read more at nypost.com ...
Well, here comes more inflation.
“An ‘incredible trend,’ economists say“
BS
Inventory is rising because people aren’t buying. Increased inventory without increased demand isn’t a good sign. This mythical increase in sales he predicts isn’t based upon anything but wishful thinking.
Actually if you think it through, the numbers of homes that will come onto the market over the next decade or longer will go up for two main reasons: People die, or they downsize their life. The Baby Boomers are in their mid to late 70’s now. Their kids are adults and they have grandkids who are around college age give or take. They may not need their bigger homes.
So these homes will either be sold to pay for long term care, or sold so the elderly can have a simpler life (a big empty house can be a lot of work), or inherited and then sold by the estate. I’d expect supply to steadily increase over the next 10+ years. Whether prices will decline is an open question. Hopefully interest rates will go down a few full points over the next several years.
Prices need to fall about 25% to get back to reasonable.
interest rates up. hom3 prices still slightly rising but near a plateau. 34% increase in grocery prices. Utilities and gasoline nearly doubled. Property insurance and property taxes increase of about 20% each.
Nobody can afford to buy what’s on the market
I’m a home inspector that used to have a schedule of 15 to 18 homes a week. Now I’m lucky to schedule 8 to 9 a week, and I’m even luckier if 4 to 5 of them actually occur.
I own a home right now that I never would have purchased in the pre-COVID world.
Exactly. Prices increased drastically a few years ago then interest rates increased sevenfold. Something has to give. You can’t have both high prices and much higher interest rates. Since interest rates aren’t about to fall dramatically, it will have to be prices that do.
I’m one of those who would buy IF the deal weren’t slanted so heavily against buyers right now.
“over the next decade or longer will go up”
the Boomer Die Off-
the Next Gens will have their pick of empty houses in a Post Pocky-Clipse Uh-Murh-Icah.
Homes for sale but not bought? In other words people can’t afford their houses now.
“The Baby Boomers are in their mid to late 70’s now”
Many boomers are in their late 60s, like me.
Well I used 1948 as a baseline. Give or take.
A lot depends where these houses are located and the price range.
Remember, AOC is an economist by degree. How much does she know?
EC
People trying to sell before the bubble bursts. These economists need to understand a market consists of buyers and sellers.
Location, Location, Inflation...errr, ummm....
Or property taxes are getting insane to pay for crap that was thrown in their lap via backroom, secret meetings buy the state legislatures, county commissions and city councils.
The South is gradually being destroyed by politicians welcoming liberals from up north. Places the liberals destroyed. And southern, corrupt politicians running their mouths about “progress”.
Great scene in Yellowstone where they had the billionaire with a noose around his neck. Told tell Kayce Dutton how they take over…..we move in, raise land values, raise property taxes that people can’t afford, forced to sell.
Happened in Boise, Idaho when liberals from Cali and Seattle started moving there
Remote work….
Responsible semi-rural and rural, small towns away from the cities being destroyed by liberals. They want the slow country life but soon realize there’s no Starbucks and sushi. Then it all goes to sh*t
Oldest Boomers are approaching 80, youngest Boomers are in their early 60s. At 70, here I am, stuck in the middle with ewe...
3 corporations own 19,000 metro Atlanta homes. What does that mean for the housing market?
Put one on the market, wait for BlackRock to send a shell company in to outbid a potential buyer and get a good price, so they can turn it into a rental.
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