Posted on 07/30/2024 9:28:02 AM PDT by SeekAndFind
Home prices reached a new record in May amid an ongoing housing shortage, even as high mortgage rates continued to push affordability out of reach for millions of Americans.
Prices increased 5.9% nationally in May when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday, down from the 6.4% pace recorded the previous month.
On a monthly basis, prices climbed 0.3%, according to the index.
"Home prices hit a new high in May," said Lisa Sturtevant, Bright MLS chief economist. "But with affordability a growing challenge for homebuyers and more new listings coming onto the market, we could be at the peak."
The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 7.7% annually, compared with an increase of 8.1% in April.
The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 6.8%, a decrease from the 7.3% figure recorded the previous month.
Prices rose in all the 20 major metro markets tracked by the index.
"All 20 markets observed annual gains for the last six months," said Brian Luke, head of commodities, real and digital assets at S&P DJI, in a release. "The last time we saw that long a streak was when all markets rose for three years consecutively during the COVID housing boom."
The largest price gain took place in New York, which recorded a year-over-year increase of 9.4%. It was followed by San Diego and Las Vegas, with respective gains of 9.1% and 8.6%.
Portland, Oregon, once again saw the smallest gain in May, with home prices climbing just 1% from the prior year.
The Case-Shiller index reports with a two-month delay, meaning it may not capture the latest ongoings in the market.
(Excerpt) Read more at msn.com ...
Otherwise known as inflation. Runaway inflation on the order of 100 percent per year since 2020. Basket of goods from Walmart that cost $122 in 2022 cost over $400 in 2024.
Best measure of real inflation I’ve seen so far. Perfect, actually. Random guy buys a month’s worth of the same groceries month after month through the pandemic.
He was curious on what that basket would cost in 2024, and it was over $400.
Madness.
here is the sad fact most dont understand.
Even at the feds target rate of 3% everything doubles in price every 20 years or so.
So unless your net worth has doubled in the last 20 years, you are falling behind and don’t even know it. Unless your salary has doubled, you are falling behind and don’t even know it.
It also means young people graduating from college today need to earn twice what middle-aged people today did when they graduated 20 years ago to be able to afford the same level of home.
Think of housing 8m + influx happening over a few years, basically as much housing needed as NYC, especially rental and entry level. And a lot of mouths to feed all at at once. Inflation ??? And for the things everyone needs. Minorities, women and children hurt the most. Koch brothers benefit, maybe they should be taxed for every illegal entry. A lot of lawns will be relegated to non golf course quality though
Energy, food, and other commodities will go down and wages will go up.
Even the unions should get on board with this.
Someone on FR was publishing monthly report of the exact items.
DEI is failing.
Inflation is making DEI a joke.
Diversity is no longer possible in the home ownership area.
Equity cannot be attained if you can’t build equity with the out of this world prices.
Inclusion is out of the question when one is excluded from economic stability.
Bring on communism, which is the intent of DEI and inflation. Everybody will be economically equal, when every body is equally poor.
Despite an easing of home prices in the second half of 2024, there is no evidence to suggest that we will see a major home price drop nationally,” Sturtevant said. “While on the rise, the inventory of homes for sale is still low by historical standards. Demand will increase this fall as mortgage rates come down.
Original article
https://www.foxbusiness.com/economy/home-prices-set-another-record-high-may-affordability-crisis-worsens
“inventory of homes for sale is still low“
Plenty of houses for sale in Memphis. Gee, wonder why?
Pricing the common citizens out of the housing market USA ploy by the big three financial investment companies, Black Rock, Vanguard and State-street. They desire to own it all, they already own DC. Just my sense.
Bingo.
As the Feds keep printing money to steal its value from others, property remains consistent in value which means its skyrocketing prices reflect the devaluation of fiat currencies such as the dollar.
The same IT jobs that paid $70K 20 years ago...still pay $70K today.
There will be a crash in prices when the stock market crashes. You can’t keep printing money forever.
Depends on the type of IT work. Simple coders and techs get simple pay. More valuable IT workers get 6-figure salaries. My daughters were getting close to $200K in IT; one left for a corporate manager job making more. I retired from IT many years ago, as a senior systems engineer and network manager. Young people would ask me if they could take a couple college courses and get my pay and title. As if. Most young people were ignorant and arrogant, wanting to start at the top without experience. It's okay to start at $70K or even $35K, gain experience and climb the ladder to more pay.
Or, get into a different career that isn't crowded. Yesterday I had surveyors working my land. Doesn't look difficult, they're out in the fresh air and cheerful, and they get paid well and always have work. A good job will allow one to keep up with inflation.
I’m seeing Federal contract positions that require a TSI/SCI with Poly that are paying $90K.
That’s utterly ridiculous in Northern Virginia.
We have drug our feet for a year finishing the remodel of our house so we can sell it. The prices just keep going up. We’re about 6 weeks from putting it on the market.
yep, basically anyone coming out of college today earning less than $100K is getting kicked in the nuts. Because that is like earning $50,000 out of college 20 years ago.
RE: The prices just keep going up. We’re about 6 weeks from putting it on the market.
Yes, but unless you move to a more affordable state, or are downsizing, you’ll be paying the same high price for another house.
For the unelected, unaccountable, commie scum running our government, destruction of the middle class is a feature, not a bug.
If the market is clearing at these prices, then they are, by definition, not “too high”.
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