Monday Market Update: ‘Super Hot’ To ‘Warm’
A little real talk from NAR® Chief Economist Lawrence Yun.
This is a busy time of year as many children return to school (at last!) and many individuals transition to in-person work. As such, we are going to keep this week’s Monday Market Update short & sweet and highlight NAR® Chief Economist Lawrence Yun’s reflections on the market we are in and where we are headed as stated just a few days ago - reported by Mortgage News Daily.
Home Prices: “Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022. There are signs of more supply reaching the market and some tapering of demand. The housing market looks to move from 'super-hot' to 'warm' with markedly slower price gains."
Home Affordability: “Housing affordability for first-time buyers is weakening. Unfortunately, the benefits of historically-low interest rates are overwhelmed by home prices rising too fast, thereby requiring a higher income in order to become a homeowner." See related graphic from CAR® HERE.
Housing Inventory: “Housing supply will be critical in moderating the growing housing costs and rising rents. Any disincentive to produce more housing inventory, such as extending the eviction moratorium, will only worsen the current shortage.”
Surprised? Inspired? Concerned? Curious? Share your thoughts by emailing bobbi@bobbidecker.com.
Have a great week,
Bobbi Decker
DRE#00607999
Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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