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US Home Prices Just… Fell?
Don't look now, but US home prices just fell.
I realize that might elicit some incredulity, so let
Many formerly hot major metros now have -1% to -5% YOY price declines using Zillow numbers which I’d guess are similar to Redfin numbers? In CA San Diego and San Francisco, much of TX incl Houston, Dallas, Austin, lots of FL incl Tampa, Miami, Orlando, Atlanta, etc etc. Housing market is finally rolling over. Condos and second/vacay house worse. The decade-long house price run has been huge, but considering affordability, rates, macro it looks d-o-n-e.
Agreed, John. Lower-end 2- and 3-family buildings near me (northern NJ adjacent to Manhattan) are coming down and just today I was sent a follow up email from 6 months ago for a self-storage location on Long Island that still hasn’t sold and has a new, lower asking. I’m betting that savvy RE investors are parked and waiting for a pounce in the short to medium term.
Meanwhile, starts for single-family build-to-rent houses have climbed to about 20K/qtr – about one-fifth of total starts of all for-rent units (the rest are the traditional multi-family units).