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Mortgage market affordability and inventory challenges

Housing Wire

It was no surprise that affordability hit the top of the list in every interview. Black Knight reported that May was the least affordable housing market in 16 years. For the first time in three years, we have seen an increase in homes on the market and price reductions. Slow construction and restrictive zoning laws.

Inventory 395
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FED’S ACTIONS TAKE STEAM OUT OF HOUSING MARKET

Will Springer Realtor

Seriously though, there must be a ceiling to rising rates that have all but extinguished a robust housing market. housing market is experiencing a price “correction,” defined as a 10% price drop from its most recent peak. OCTOBER HOUSING UPDATE. We are still seeing stunning homes come on the market.

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HINTS OF SHARP INCREASE IN NEW CONSTRUCTION

Will Springer Realtor

Others – Meritage Homes (+20% YoY in 2021) and Tri Point Homes (+15-30% YoY in 2022) – expect tremendous growth of new communities. And many of the new projects are larger than in years past. Builders began construction on just under a million single-family homes in 2020. Not “ Will the housing market crash?”

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Will Springer Realtor - Untitled Article

Will Springer Realtor

America’s shortfall is most acute with the most vulnerable, as affordable housing inventory has been shrinking for decades. Builders are trying to catch up and, according to federal officials , there are more housing units under construction today than at any time in the last 50 years. shy of the need. But for how long?

HOA 36
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Will Springer Realtor - Untitled Article

Will Springer Realtor

A patch of foul weather and persistent economic challenges chilled an already cold housing market. The Northwest MLS monthly housing report described it best: “December ends with a ‘whimper’”. CONDO NEWS. Here are some that were touted in this newsletter within the last year – and are still on the market today.

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HOUSING ‘TRIFECT’ PUTTING SQUEEZE ON BUYERS

Will Springer Realtor

Some developers are delivering smaller homes in the form of four- and six-plex townhomes on a parcel of land that once featured a single-family house. Others are specializing in the design and construction of accessory dwelling units (ADUs) as detached backyard homes (also known as “ mother-in-laws ”). The report found that 91.3K

Buyers 36
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CITIES FACE DAUNTING OFFICE-VACANCY CHALLENGE

Will Springer Realtor

Our urban area accounts for about half of the city’s economic activity, and the Seattle Chamber noted that rising office vacancies coupled with less construction could lead to $2B in decreased revenue. We certainly see that in all forms of residential real estate – from new construction to finding items for the home.