FACTS

    Home prices in the US rose 11% in the month of August, the biggest jump in over six years according to a new report. Compared to the same time last year, there are 22% fewer houses on the market, the median home price is $32,000 higher, and home sales are 10% higher.

    OPINIONS

    “Even if buyers want to tap into low mortgage rates, which have hit a series of historic lows this year, many will find home prices out of reach,” said Danielle Hale, the chief economist for realtor.com. Another real estate reporter agreed:

    “There’s little expectation that U.S. housing supply will improve in the near-term as sellers are even more reluctant to list homes during cold weather and over the holiday season. If strong demand persists, the imbalance could disadvantage home shoppers even more.”

    Beckie Strum, reporter for Mansion Global

    Nicole Friedman, a reporter who covers housing for The Wall Street Journal, wrote that home prices could begin to plunge, similar to the 2008 recession, but so far, that hasn’t been the case. It is expected that despite future uncertainty, home prices will continue to rise for the near future. “The situation is different from the economic downturn in 2008, when home prices fell sharply as a housing bubble popped,” read an article from The New York Times. “We’re still seeing a huge sellers’ market,” noted realtor Colsie Searcy from Colorado Springs.

    “Usually, a huge drop in demand would put downward pressure on prices; home sellers would be competing with each other to attract a limited number of buyers by dropping their asking price. But while housing demand has dropped substantially, housing supply also dropped in lockstep as potential home sellers pulled out of the market for many of the same reasons buyers are.”

    Jeff Andrews, Data Journalist for Curbed

    An article by Steve Cook, editor of the Down Payment Report, said that as unemployment continues and mortgage “grace periods” run out, the US could begin to see a housing market crash.

    • Show Comments

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    Ads

    You May Also Like

    Congress to Vote on Covid Relief Package

    FACTS After months of a stalemate, Democratic and Republican Congressional leaders have agreed upon ...

    D.C. “Million MAGA March”

    FACTS On Saturday afternoon, thousands of Trump supporters and patriots gathered in Washington D.C. ...

    Levity: Kids Crash Celebrity Appearances

    FACTS Regular people aren’t the only ones whose Zoom work calls are interrupted by ...

    Millions of Immigrants to Be Moved?

    President Trump Makes Bold Statement The President tweeted that “Next week ICE will begin ...

    Unemployment Benefits Predicament

    FACTS Due to the $2 trillion dollar CARES Act passed by Congress, many people ...

    LONDON BRIDGE ATTACK

    Facts On Friday, November 29th, a man armed with a knife and wearing what ...

    GET LUCIDFIND TOP STORIES OF THE WEEK - ONCE A WEEK