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Message
re: Oof, Home Prices Posted Largest Annual Drop in More Than 11 Years in April
Posted on 5/18/23 at 11:13 am to GumboPot
Posted on 5/18/23 at 11:13 am to GumboPot
quote:
U.S. existing home sales, which make up most of the housing market, fell 3.4% in April from the prior month to a seasonally adjusted annual rate of 4.28 million, the National Association of Realtors said Thursday. April sales fell 23.2% from a year earlier.
How big was the jump 2 years ago though? It was more than 25%.
1
Posted on 5/18/23 at 11:16 am to BluegrassBelle
quote:
It was more than 25%.
Yes. 25.2%.
ETA: still does not eliminate the fact that this will or has caused a lot of lost equity for home purchases during the price increase.
This post was edited on 5/18/23 at 11:19 am
Posted on 5/18/23 at 11:17 am to GumboPot
And yet a $200K home 4 yrs ago is still selling for $425K now...
Posted on 5/18/23 at 11:18 am to GumboPot
Where is the drop exactly? Hasn’t reached my neck of the woods
Posted on 5/18/23 at 11:18 am to Jack Ruby
What houses were selling for $200K in 2019?
Posted on 5/18/23 at 11:18 am to Jack Ruby
quote:The situation is crazy enough where you don't need to make up numbers you've never looked at
And yet a $200K home 4 yrs ago is still selling for $425K now...
Posted on 5/18/23 at 11:19 am to GumboPot
If they drop much those with unpaid off mortgages will see equity go down and an introduction to PMI.
Posted on 5/18/23 at 11:19 am to High C
No one is selling a house with a 3% mortgage rate right now. Even if your value is up, looking at 6% and higher interest rates keeps you where you are locked in at a historic low interest rate.
Posted on 5/18/23 at 11:20 am to Oilfieldbiology
quote:
You mean 40 years ago?
No. 38.
Posted on 5/18/23 at 11:23 am to GumboPot
quote:
We are headed below "pandemic buying craze":
That chart doesn’t say what you think it says lol.
Posted on 5/18/23 at 11:26 am to stout
quote:
Big Scurb TX keeps telling us all a correction in the housing market won't happen
quote:
stout
Baw you spent the first 6 months of 2022 screaming about a 2008ish housing crash was imminent lmao
Posted on 5/18/23 at 11:26 am to VermilionTiger
quote:
Doesn’t that mean demand is dropping? Isn’t that a good thing right now?
Still varies location by location, but yes.
Posted on 5/18/23 at 11:27 am to GumboPot
Yet suckers are still buying 1800 sqft houses for 300k. 2k monthly mortgages with 20% down
Posted on 5/18/23 at 11:27 am to GumboPot
quote:
Yes. 25.2%.
ETA: still does not eliminate the fact that this will or has caused a lot of lost equity for home purchases during the price increase.
true, but the majority of people who bought in 2020 aren't likely to already be moving.
This is something i am watching for sure cause i wish i bought in December 19 instead of waiting for "the right house". Still ahead of most of the craziness, thankfully
Posted on 5/18/23 at 11:27 am to azcatiger
quote:
No one is selling a house with a 3% mortgage rate right now. Even if your value is up, looking at 6% and higher interest rates keeps you where you are locked in at a historic low interest rate.
Maybe if you're buying points.
Posted on 5/18/23 at 11:30 am to Jack Ruby
quote:
And yet a $200K home 4 yrs ago is still selling for $425K now...
Just bought a house that was sold for 345k in 2021 for 460k now. Luckily dude put a ton of work into the house (new roof, new HVAC, countertops, removed some walls, epoxied the garage, ect.) So we are still getting a good price. Always the chance of a crash, but this isn't a real estate for money it's a place to live.
Posted on 5/18/23 at 11:32 am to GumboPot
Exactly what the fed wanted.
But still overpriced in many markets as supply remains tight. Who wants to move and trade a 3% rate for 6%?
But still overpriced in many markets as supply remains tight. Who wants to move and trade a 3% rate for 6%?
Posted on 5/18/23 at 11:33 am to VermilionTiger
quote:
Doesn’t that mean demand is dropping? Isn’t that a good thing right now?
Yes but now all the scum bag corporate home buyers are going to cry about how it's not fair their bullshite price gouging attempts aren't going to yield unending profits.
Posted on 5/18/23 at 11:34 am to GumboPot
It’s insane in West Texas
Bought our house for 290k six years ago when oil was low.
Sold it for 20k less than our asking price.
40k profit.
Bought our house for 290k six years ago when oil was low.
Sold it for 20k less than our asking price.
40k profit.
Posted on 5/18/23 at 11:37 am to VermilionTiger
quote:
Doesn’t that mean demand is dropping?
Mine has dropped aboot 8.5% since the peak. I now only get 3-4 calls wanting to buy it. At peak I was getting called 3-5 times per day.
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