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Pending listings declined over Q3 2022 in the highlighted markets, but the extent of the decline varied regionally. Salt Lake City, UT and Las Vegas, NV witnessed the sharpest declines of 24.3% and 22.4% respectively from June to September, while in San Diego, CA the decline was less than 10%.
After two years of rapidly rising prices, the housing market seems to have lost steam. There is widespread expectation that the U. S. will fall into recession as the Fed continues to raise interest rates. The following indicators also confirm that the trend in the housing market has shifted.
The 2022 Q2 VeroFORECAST anticipates home prices will appreciate on average just 4.5% for the next twelve months. This is a drop by almost half from the 7.1% appreciation forecast just one quarter ago.
The data suggests that while some first-time homebuyers are getting priced out of the housing market due to affordability, prices are being driven by demand from repeat and all-cash buyers as they compete for a low supply of homes.
The recent hot housing market has led to a sharp rise in single-family home investor purchases. The large increases experienced in the housing market have made single-family homes a quality investment that can produce yearly returns higher than those seen in the stock market. Investor Purchase Percentage usually hits its peak from December to February, …
Corporate Investor Home Purchases are at the Highest Levels in a Decade Read More »
Today’s Q1 2022 VeroFORECAST report anticipates home prices will appreciate on average 7.1% for the next 12 months. Veros’ VeroFORECAST evaluates home prices in over 330 of the nation’s largest housing markets and reveals the cities expected to be the Strongest- or Least-performing metros in America.
For the time being, the war will likely amplify the supply chain disruptions and add to the already high inflation resulting from the pandemic, and home prices in the US are likely to stay on their upward trajectory.
Inflation is wiping out recent wages increases. As supply shortages continue and spending remains strong, many consumers are feeling the impact with a 7.0% rise in food prices and a 40% hike in gasoline prices over the past one year.
So, employers are finding it difficult to fill their job postings since many Americans are reluctant to return to the workforce as they seek better employment opportunities or start their own businesses or are choosing to retire early.
The latest data on residential construction from the US Census Bureau and the US Department of Housing and Urban Development shows that annual housing starts increased 15.6% from 1.38 million in 2020 to 1.6 million in 2021 but were 23% lower compared to 2.07 million in 2005, when the last housing bubble took place. 70% …
The 15.6% Increase in Housing Starts Won’t Cool Prices in 2022 Read More »
