Note: You can find the charts & graphs for the Big Story at the end of the following section.
Amplified seasonal trends
Seasonality in the housing market was incredibly steady before the pandemic. Prices typically rose from January to June, when inventory was low but rising, and then flattened from July to December, when inventory was high but declining. In January 2020, homes were already undersupplied, hitting a record low with just over a million homes for sale on the market. When the pandemic hit, demand for homes exploded, dropping inventory to shockingly low levels. During the 18 months between January 2020 and June 2021, inventory declined 49% and prices increased 32%, doubling the total price increase of the previous three years combined. By January 2022, inventory had reached an all-time low, down 60% in the past two years, while home prices reached a record high, up 34%.
Stay up to date on the latest real estate trends.
Quick Take: The Fed almost certainly will raise rates in March in an effort to combat inflation. Historically low supply is protecting the record-setting home prices o… Read more
Since the Fed announced their intent to hike interest rates back in December, rates for the 10 year Treasury Bill have increased over a half percent which has also cau… Read more
Highlights: Closed transactions are down -19.4% for detached homes and -15% for attached year over year.
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While we are social distancing during this time of coronavirus, it may be difficult to discern how to show a house with limited contact. Typically, before Covid-19, a … Read more
If you’ve been thinking about becoming a homeowner, but aren’t sure if you’re prepared, you’ve come to the right place. We’ve laid out 8 questions to help you decide i… Read more
While it’s true rates have risen dramatically, it’s important to remember they aren’t the only factor in the affordability equation.
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