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| Economy |
| Home prices saw largest annual gain in nearly 15 years |
| 2021-03-31 |
| [AXIOS] Home prices saw the biggest annual gain in close to 15 years this January, according to the Case-Shiller index. The big picture: Phoenix, Seattle and San Diego saw the highest year-over-year home price gains. Background: Little supply: There were just over 1 million homes for sale at the end of January — the fewest since 1982, the WSJ notes. Low (but rising) mortgage rates: The average 30-year mortgage rate hit a record low (2.67%) the week of Jan. 7. Yes, but: Rates are currently at 3.17%, contributing to the slowdown in mortgage applications. Bonus: Consumer confidence is the highest since the pandemic started last March, per new Conference Board data out today. Consumer "plans to purchase a home" are the highest since the survey's inception in 1967. Related: CNN - 76 all-cash offers on one home. The housing madness shows no signs of slowing |
| Posted by:Besoeker |
| #7 It's the low supply, TW. With economic uncertainty - but looking up, most aren't trying to upgrade as usual. Daughter is a Realtor and she can't get enough houses |
| Posted by: Frank G 2021-03-31 19:06 |
| #6 All those people fleeing blue states, with money to burn and a need to move right now. Once they’re settled in, this silliness of multiple offers well above asking price will calm down. |
| Posted by: trailing wife 2021-03-31 17:03 |
| #5 Price of building materials is ridiculous. |
| Posted by: swksvolFF 2021-03-31 15:02 |
| #4 Bubble, certainly, maybe even a "Craze". |
| Posted by: magpie 2021-03-31 12:21 |
| #3 Indeed, low rates don't hurt. I hope they were smart enough to not get variable rate loans. Bubble anyone? |
| Posted by: Clem 2021-03-31 11:22 |
| #2 Of course building materials have roughly doubled over the past two years, pushing the cost of new construction up even faster than existing home prices. |
| Posted by: Glenmore 2021-03-31 11:17 |
| #1 Low (but rising) mortgage rates: The average 30-year mortgage rate hit a record low (2.67%) the week of Jan. 7. Yes, but: Rates are currently at 3.17%, contributing to the slowdown in mortgage applications. Back when I bought my house, the interest rates were 10%. This is all being fed by loose money from the Federal Reserve. Rising prices the sign of more money chasing fewer assets - aka inflation signs with a speculation bubble. Expect the Fed to create another |
| Posted by: Procopius2k 2021-03-31 07:20 |