Interesting Dynamics are Occurring in the US housing Market

What a wild housing market we have right now in the United States. For example, there’s 22% more homes for sale compared to a year ago and new listings are up by double digits as well. The rise of housing inventory is likely from 1) weakening homebuyer demand due to 7% mortgage rates and 2) a significant rise in the number of newly listed homes. Even though more homeowners are deciding to list their homes for sale, housing inventory (i.e. the TOTAL number of homes for sale nationwide) is still down 39% from 2019.

Additionally, even though average 30-year fixed mortgage rates have been at or above 6% since September 2022 (per the Mortgage News Daily), the US median sold price has increased by 5% from a year ago (data from Redfin).

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Compilation of Housing Market Forecast videos:

Source of reports I shared:

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed mortgage rate 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?

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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)

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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).

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[navysean]

Rates are less important to me compared to home prices. I would buy at even higher rates if home prices were where they should be given historical trends.

[HPM]

We have the money in the bank, the income and the credit to purchase right now, and are renting instead.

[pawsitiveleader]

Home prices need to decrease atleast 35% to be affordable for most Americans with increases in food, home Insurance, car insurance, Gas, utilities, taxes and home repair costs both labor and supplies. Car and car repair costs. All of this with wages and benefits that do not meet the cost of living/inflation.

[BrandonRa]

We just sold our house in one day but it was a complete renovation. It seems like the dumps that people were trying to get way too much for are no longer getting offers. But the fixed up houses are still getting offers but not the crazy offers we saw.

[kevinreichert]

Could I buy a house, yes, will I, no. In 10 years I’ve lived in 4 states, moving to chase money. I’ve increased my salary 3 fold in that time by being willing to jump at opportunities. I’ve always managed to find great deals renting, to the point where when we considered buying a house, the taxes on one that we looked at cost more per year in taxes than we payed in rent. It was a 1500 sft house with almost no land. I come from a family that prides themselves on the property they own, I’ve seen what it costs to take care of them and it just doesn’t make sense right now. The money I can make by having liquid funds and the ability to move around makes more money than chancing the market right now. In the future, if it makes sense, I’ll buy, but it will be based off my needs, not off the price or rate.

[accountingdenell]

I sold my home in Stamford CT at peak last year. 3 bed 2 bath less than 1400 sq cape cod for 650k. The owner already has negative equity and paying triple what I paid per month. On the sidelines with a lot of cash.

[RedGottie]

I’ll sit on the sidelines for 20 years if that’s what it takes for affordability to stabilize. It is simply stupid to pay triple what a house was worth pre-2020. Interest rates don’t matter as much, you can refinance. But, the homes price is what you’re stuck with.

[walterperu]

Thank you for slowing down when talking, I really enjoy your content.

[David-osej]

Jason, the prices on lower end codos (<$1 million) in the SOMA of San Francisco look like they are down 20-40% from peak. Saw a 3 bedroom 1300 sq ft condo w/ garage for mid-7s.

[christopherjacob]

its still broken here in CA. minimal inventory in most areas. There areas have more inventory bit have issues gettin fire insurance, and if you can the fair plan is 8, 000 a month with a 15, 000 deductible just on the dwelling

[randomstuffistream]

Jason, I would love a video of your input regarding the new realtor fee changes and your feedback or predictions. I'm in the mindset that while it is beneficial for sellers as they will likely cut out all buyer's agent fees, saving that cost, this change will add another hurdle for potential buyers, especially first-time buyers or the lower-working classes, as folks are struggling to come up with down payments already and are now being forced to cover their agent's fees.

[TheCriscantu]

Not seeing this where I live north of Seattle. Prices are rising and homes are going pending immediately and over ask.

[dubonett]

I'm in Miami, I am definitely seeing prices being dropped.

[VahmongYang]

Great video update. I live in Tulsa Oklahoma and an older house at least 10 years old is fluctuating around $140 to $160 per sqft between the size houses of 1, 200 - 1, 600 sqft and about $180 per sqft for larger homes in nicer suburbs. Newer homes are selling on different ranges based upon location here even at $165 per sqft in the ghetto parts of town to $190 per sqft in nicer parts of town. We don't really have anything over $200 per sqft ranges which is pretty overpriced if so for our markt.

[Amrknegypt]

300k cash on the side lines. Won't settle for anything more than 2019 prices

[robfogleman]

Im in The foothills east of Sacramento and the housing market is sad, any thing below 500k is hardly livable and needs 100k in renovations. If you are in the 600k and up range houses are ok, unfortunately most people cant afford that price at current interest rates.

[HausofPatronus]

Husband and I are on the sidelines waiting for rates or home prices to fall because buying the quality of our lives would drastically be reduced if we purchased at this moment.

[crystalfuentes]

It’s getting interesting. Thank you Jason. 😊

[marcooceguera]

I’m not jumping into a car headed downhill without brakes. I’m gonna wait til it stops rolling.