09/06/2022
just released its September 2022 U.S. Home Price Insights report, with real world housing data through July. The full report can be read here: https://lnkd.in/gGpxVdP5
While recent measures to curb inflation have had the intended effect of slowing home price growth for the 3rd consecutive month in July, year-over- year price appreciation continues at an astounding 126th months of consecutive year-over-year increases, up 15.8% YoY for the month of July.
Key standout markets are & , which grew by well-over 20% YoY. Older, established major metro markets are holding value and showing strong growth YoY, but feeder markets to these metros that are lacking industry or job creation are teetering on the brink, with all signs pointing to price softening. The Pacific Northwest appears particularly vulnerable to potential depreciation in housing values, based on the report.
Still, reports that all indicators point to a more balanced market in the months ahead, forecasting YoY appreciation to slow to 3.8% by July 2023.
What do you think? With mortgage rates back up to over 6% and mortgage applications down to their lowest level in two decades, and more buyers remaining on the sidelines, U.S. markets are indeed experiencing increased volume of housing inventory, some of which is stale at 60-90 DOM, and very few or modest price reductions... yet.
The next 60-90 days are critical. Pay attention to unemployment rates, mortgage application volume, and liquidity crunches in lending for clues of where the market is headed. has promised additional rate hikes and sternly warned of firm-handedness in tackling inflation.
"Progress is impossible without change, and those who cannot change their minds cannot change anything." - George Bernard Shaw
