Frederic J. Brown/AFP via Getty Imagesust about everyone agrees that the reason home prices have shot up 34% in the last two years is that there is a lot of demand for housing, but not enough supply.
To be sure, prices are still rising. The median existing-home sales price reached an all-time high in April of $391,200, up 14.8% from a year ago, according to data released May 19 by the National Association of Realtors .But other signs indicate that the breakneck pace of rising demand for homes may be slowing, after the cost of a monthly mortgage payment for a median-priced house jumped by 27% from a year ago after the Federal Reserve hiked interest rates in March and May.
“There are an enormous number of housing units under construction,” says Bill McBride, the author of the blog, who in 2005 correctly predicted the housing bubble and has since become one of the most reputable sources for housing market analysis. McBride says that housing price growth is going to slow and may flatten by the end of the year, as demand wanes and more supply comes onto the market. There is currently about two months of supply of houses on the market in the U.S.
woo hoo!!!!! fed selling off MBS! rising rates! I have been patiently waiting for 2 years to sell my condo to buy a house, I think I might sell and rent for a year
Gee, I wonder why? .,......NOT!
Ya think !!!
Biden recession after Biden inflation.
The rise of housing prices is another way the government is able to take more taxes from home owners.
Maybe so but not in Az
' ACCOMMODATION, FOOD and the NATURE are not GOODS ' - Greenpeace DIRECT_Democracy Citizen Legislators
I got information from a friend who worked at Trump's construction company. It turns out that the mismanagement generated an overload on the international economy, to compensate for the losses generated in the housing bubble. That wasn't fair, would you agree?
I expect houses to sell for less than half their present market value. Because of the law of supply and demand.
Good
super angry made me
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Black rock bought all the houses so they can force you to rent like the wef demands because they're all communists, they should be dismantled
The editorial standards of Times has gone down hill where mixed signals is worth reporting on? there’s only 150 properties to rent, 1500 properties for sale in Fairfax county and and multi family new construction popping up all over. The demand hasn’t be stronger
We cant keep inflating housing prices while people are getting poorer indefinitely forever?! Maybe we can start giving out 60 year loans? What if we do '3rd Generational Loans' where the loan debt is transferred to the Grand Children of the original buyers?
MadMaxCrypto08 👀
This is also related to the economic situation of the whole society.
Sure, money is going to gas and food...brace yourselves, 2022 holiday retail orgy isn't going to be pretty.
This is a good thing, the rate of price increases was unsustainable for anyone outside of the market.
People can’t afford to drive to the open houses.