State of housing costs in the US. Where does it end?

[JR4X]

Depending on the outcome of this election, I may feel bold enough to finally express some race and gender issues I've been suppressing

Let’s say it now. The democrats are basically buying votes from illegal aliens they’re fast tracking over the border. Promising $25K down payment vouchers to Mexicans and Haitians along with amnesty. Actively trying to assassinate their only competition who just re-took the lead in the polls because people see how incompetent they are in the face of disaster.

 

[Pook]

Prices are still high in lower mainland BC, but not much is selling, people still have them jacked up like they did a couple years ago, and not dropping prices so they sit.

 

[Motorcharge]

Trump loses this election and I honestly think that's the point a lot of this country gets off the porch. Honestly, Dems are probably counting on it, that's the real excuse they need to get rid of things like the Second Amendment, electoral college, etc and other bullshit like expanding the SCOTUS. They clearly don't give a shit about the Constitution or elections, hell they don't even try to hide it anymore.

 

[rockota]

Trump loses this election and I honestly think that's the point a lot of this country gets off the porch. Honestly, Dems are probably counting on it, that's the real excuse they need to get rid of things like the Second Amendment, electoral college, etc and other bullshit like expanding the SCOTUS. They clearly don't give a shit about the Constitution or elections, hell they don't even try to hide it anymore.

After three to four generations of government controlled education... they have dumbed down the populous enough to ensure that "we the people" don't know enough history to prevent repeating it.

 

[Motorcharge]

After three to four generations of government controlled education... they have dumbed down the populous enough to ensure that "we the people" don't know enough history to prevent repeating it.

Not quite, that's part of why they're flooding every Western country with uneducated people from the third world. The internet has really fucked up their control of information and narratives. They lost control of that before enough of the population was easy enough to control so they've been forced to accelerate how fast they're destroying Western cultures. Even in Europe they're starting to lose control and the last thing they can afford is a strong United States under someone like Trump. Especially an armed populace.

 

[roundhouse]

Patton was adamant that we fought the wrong people in WWII and that the Soviets were going to be our real enemy. He planned on going to Congress and the press about it after he go back to the States but was killed before that ever happened. The world would probably look awfully different today had we listened to him after Berlin fell and gone after the Russians.

And he got
Killed in a very very mysterious “accident “

 

[JR4X]

Just got this from friend that owns a realty company, because I asked.

Here’s your September 2024 real estate market update for San Juan County, NM, from XXXX XXXX at XXXX Properties. We take care of analyzing the data, so you don’t have to.

The total number of listings increased again last month to 189, with 91 new listings added. However, we’re still 3% behind last year’s total new listings year to date. Interestingly, there has been a 35% rise in listings for homes priced over $500k during the same period. This is concerning for middle-class buyers, as it could signal fewer affordable options. It’s important to note that just because these homes are listed at higher prices doesn’t mean they’re selling at that rate. In fact, sales for $500k+ homes are down 6% compared to last year, suggesting that some sellers may have optimistic expectations. We’ll need to watch how this develops.

Last year, we saw a similar increase in listings through November, followed by a decline until April. If the Fed’s predictions hold true and we see a rate drop early next year, prices could rise again. However, if rates don’t drop, inventory may continue to grow, which could help stabilize prices. Regardless, there’s no indication of a market crash.

One of the reasons for the inventory increase last month was a significant drop in sold listings—we saw a 44% decrease month over month. This may be why you’ve heard from your friends in real estate that times are tough right now.

The most notable statistic this month is the gap between Median List Prices and Median Sales Prices. This is the largest difference we’ve seen so far, which shows that sellers may not be fully prepared for the market shift, and buyers aren’t willing to meet those price expectations. The Active Median List Price is $365,000, and new listings are averaging $315,000. Meanwhile, the Median Sold Price dropped 4% to $254,950.

There’s some positive news for buyers with strong credit—loan rates are now in the high 5’s, which is great. While it’s a good time to buy, things could improve further. Sellers who haven’t been keeping up with the shifting market are going to need to adjust. It’s unlikely that we’ll see a significant rate drop anytime soon, so inventory may dip slightly before continuing to rise. Our MLS typically carries around 400 homes in inventory, but we’re currently at less than half of that. It’s a long road to recovery post-COVID.

Let us know if you have any questions—we’re here to help.