Home buyers and sellers are trying to make sense of a downturn that’s full of contradictions: Demand has seized up but supply is still low; prices are sliding but not plummeting; and no one can agree on what comes next.
As the International Builders Show wraps in Las Vegas today, many attendees will leave asking the same question as the Wall Street Journal: What’s going on with the housing market?
Interest rates are high (albeit climbing more slowly after yesterday); and demand is accordingly low. But listings are scarce and prices are sliding rather plunging — which is still enough to play havoc with iBuyers’ algorithms, to boot.
One thing that’s clear is that some of the pandemic’s hottest Zoomtowns are no longer boomtowns. “Some of the housing markets that posted the strongest home-price growth in recent years are leveling off the fastest,” the WSJ reports, including Las Vegas, Phoenix, Austin, Jacksonville, and Sacramento.
What regions, cities, and real estate will retain their worth in ten or 20 years, versus a momentary pop in value? Reach out to our team to learn our own picks for the prosperous communities of tomorrow. And interested homeowners will have access to our proprietary suite of tools soon — follow this account for more details.