What Spring Home-Buying Season? Existing Home Sales are Dismal
HTML-код
- Опубликовано: 22 май 2024
- Despite an increase in the number of homes for sale in the United States, existing home sales fell. Housing inventory in April 2024 increased to the highest levels since October 2022 and the highest levels for the month since April 2020. Meanwhile, the US median sale price increased by nearly 6% from a year ago but those home price gains may lose momentum due to the rise in mortgage rates and inventory.
In today’s video, I provide all the details including my own analysis of home sales and home prices using the National Association of Realtors’ (NAR) data. Link is below for the report I went over in today’s video.
Thank you for watching the video! I appreciate you. Please like, share this video and subscribe!
➜➜➜ Want to buy or sell a home in the greater Sacramento area? We would love to help! Email me at: jason@meetjasonwalter.com
➜➜➜ PLAYLIST: Videos about Living in Sacramento
bit.ly/2TkXZSh
➜➜➜ Want videos edited for RUclips? Hire us! For details, please email me at info@meetjasonwalter.com
➜➜➜ Get Connected To a GREAT Real Estate Agent here anywhere in the USA:
www.realestateteamfinder.com
Compilation of Housing Market Forecast videos:
• Housing Market Predict...
Reports I covered in today’s video:www.nar.realtor/newsroom/exis...
www.nar.realtor/newsroom/exis...
fred.stlouisfed.org/series/MS...
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
----------------------------------------------------------------------------------
Products I use and like: ad
My Gear I Use for RUclips: www.amazon.com/shop/jasonwalter
Tubebuddy www.tubebuddy.com/jason808
***
Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)
jason@meetjasonwalter.com
➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about real estate related topics, please subscribe & then hit the bell notification here ➜ bit.ly/31kAR73
➜ PLAYLIST: Videos about Living in Sacramento
bit.ly/2TkXZSh
Moving to Sacramento? Top 10 Reasons to Move Here:
• Moving to Sacramento? ...
5 Pros & Cons of Living in Sacramento:
• 5 Pros & Cons of Livin...
Royalty Free Music from Bensound
Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).
#homeprices #Realtor #housingmarket 
Развлечения
With these home prices and interest rates, it is not difficult to fathom the unsustainable housing market conditions. In addition, low rise in salaries, recent trend of job loses, lower overall savings of common people, increased load on credit cards, raging inflation, higher cost of living, and increased dipping into retirement savings leads me to believe this is just a tip of what is coming next. I failed to find supporting evidence for housing market stability in the coming future. It seems safe to assume that within 12-18 months housing market will undergo some correction and perhaps at that time conditions will be more favorable to buyers. Thank you for what you do Jason, and please keep up with good work.
It has to correct sooner or later.
Great morning Jason!😊By my dumb math, it’s time to get Nerdy!🤣😂🤣
Time to get nerdy indeed!
@@JasonWalter1 Nerds unite 🤜🤛😂
I enjoy these videos because the housing data is current and factual 😊
Lol
I think the higher end range is increasing for two reasons. #1 all nominal values have increased meaning there AREN'T any homes in the very low nominal ranges. #2 this is the capitulation in the market; people have jumped in after waiting on the sidelines...I feel that same capitulation creeping in, which tells me it is time to be EXTREMELY patient and wait. My time is coming for my dream home. 2 more yrs...more time to save cash for that bigger down payment, imo.
Bingo
People seem pinched all over, fascinating we are still getting sales in general imo. Thanks for the analysis and content Jason, can’t wait for the YT plaque!
My pleasure and thank you!
There are always people who buy outside of their affordability. Just the sad reality of the american consumer.
I'm getting worried about the rising housing prices. It seems like it's becoming harder to afford a home these days.
LOVE the breakdown at the end! Great charts, and great data to see.
Remarkable, yet not surprising. With interest rates how higher than they have been in 20 years AND outrageous home prices....it makes a lot of sense. Oh, and add in the special treat of insurance cancellations or significant increases.
My neighborhood in Florida the houses are selling like hot cakes can't make anymore.They're built in the sixties and seventies and people are paying three times more than I did ten years ago woohoo. Sometimes they tare down the old house and rebuild. CRAZY makes it even higher priced. What happens in your state doesn't necessarily happen in other states.Florida's kicking butt maybe South Florida might be inflated but the Northern parts of Florida are just catching up with the times.
I live in south Florida, not many sales here , I seen houses in market for almost 5 months still on market
I've been watching the Florida market closely for the last two years, what you are saying is factually wrong
Love how "supply and demand" folks seem to just completely ignore the demand side 🤣
I am a "supply and demand" person, I just look at both sides of it.
The "demand ' side is represented by the months supply.which is still only 3.5. 40% below where it normally is.
Isn't there still a demand since homes are still selling even at these rates and prices
@@Truebaconluver Yes. The obvious points the crash zealots conveniently ignore.
@@user-oy5wk6sg5f Nope. Current prices are simply not justified. We have significantly less demand and significantly more supply than peak. We're not back to pre-pandemic norms (well some markets are) but we aren't at peak either. Prices should be trending down.
It's normal for the selling side to take a lot longer to adjust, but the numbers are the numbers.
@@Truebaconluver Demand isn't yes or no. Yes there is demand, but it is significantly lower then peak.
Good morning, Jason!
Top of the morning to you, Eddie!
I agree with the insurance comments here. I think you need to take that into perspective. These will increase significantly and impact everyone. Inflation will continue to government debt issues. I don’t see a fix to this market anytime soon. It will be painful. We will need to learn to eat potatoes and onions soon.
100k subscribers coming up!
So close!
Good morning mahalo 🌴🤙🏽
Market in Vegas has changed a lot since start of 2023 till now. Entry level homes, although the price hasn’t come down, they just sit there on market. The properties I see selling are higher end homes mostly after significant price drops. The ones that come across my desk for demands are almost all bought by an LLC.
You'd have to be braindead to buy a house at these prices, 7x the median income still. Almost twice the bubble we saw in 2007. You need to be making $110,000 to afford a 3-bedroom fixer upper in most areas. Most unsustainable market in world history.
It's always quaint when broke renters call the rich people buying real estate disparaging names. 🙄
Jason bringing the statistical goods again.
I got very nerdy in today's video.
Thanks for your analysis! Is your title trying to say - Sales are Dismal?
Yes Thank you 😀
so sell in Austin now? or wait 2 years?
It makes one wonder...maybe home prices are stupid high because of the Covid bubble? 🤔 Naaaah! It couldn't be that. It has to be something else. The interest rates...yeah, that's the ticket!
Once there are like 10 realtors left in the country, they might get together and decide to start recommending large price cuts. Who knows? I know, crazy thought.
Don't buy home =. No loan, no stress, more freedom, more enjoy to do other thing else.
Yup. And I hear living in your car under a freeway is even more wonderful and liberating. People have no idea what they're missing trying to build wealth and provide stability and comfort for their families. 🙄
Yeah, dunno. My house went contigent in 2 days. Neigbor contingent in 7 days.
That doesnt make you wonder if priced too low.😅
@@curtissharris8914 We priced about 2.5% under other comps to generate a quick sale. Not trying to be greedy.
3.5 months supply of homes is way too low and are why prices continue to increase.
There’ll be more for sale once rates go lower. People with golden handcuffs will list, lol.
Deceptive days on market numbers. Doesn't account for realtors pulling listings and relisting them which is happening a lot
Either you are 1) getting paid to spread FOMO 2) you are a realtor or broker or 3) you are a buyer who got took but is coping hard to convince yourself that you werent the "greater fool". No one is buying what you are selling.
@@matthewphillips5483 I'm not."selling: anything , Renter. 🙄 Those stats are straight from the FRED. Cope.
@@nitroneonicman "Trust me bro" isn't a source. Mine is FRED.
But Keep spreading that disinformation we all know you're prone to do with literally.EVERY comment you make.
Take aways....prices still going up....theyre still selling fast....
That's what you got from this? Lol wow
Housing bulls getting paid per post by NAR.
Your take away is accurate.
@@JimFriend-iw3ev Cool. Hope they don't regret their purchase in 6 months like 93% on GenY do.
@@matthewphillips5483 wait they're getting paid
Why are cash sales not considered investor purchases? I'd go out on a limb and say the majority are
Cash sales mentioned are from all types of buyers.
@@JasonWalter1does cash mean no lender/borrowing/mortgage? Based on your own numbers, the realistic number of "investors/cash buyers" is actually around 40%.
@@JasonWalter1 Nit all types. Either rich or investor. Not the bottom 98% of the population. And don't give me anecdotal examples.
1😊
Good morning Steve!
Whoops, prices keep going up...
because the purchases of million dollar homes is bringing up the average sale closing prices. If what you are saying is true there wouldn't be increases in price cuts.
@@seestuff09 in my area, 300k and 400k homes are listed with price cuts around 1000. Or 5000. Pennies for the seller to have their statistic listed as a price drop. Negligible to the buyer at 7%, but at least the stats show home prices are falling. 🙄🙄
Price per square foot is going down in our area. Yet, there are plenty of million+ dollar homes on the market keeping median home price in the black.
@seestuff09 False. Peuces are going up across the board and "price cuts" are mostly nominal when they do happen. Also , one third of houses are selling ABOVE list. Which is why prices are still up up and away.
$6k shy of 2022's record high but with the rise in rates and inventory, my guess home price growth should slow down. Thoughts everyone?
WOW what a mess this is isnt it? So glad we bought when we did
Not much to pick from now