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The Latest Breaking News from Home Prices

The housing market is crazy expensive, but 'an improvement in affordability that we have only seen a handful of times over the past ~35 years’ is coming, says Morgan Stanley

“The evolution of the U.S. housing market has been Herculean or devastating depending on where you look,” the strategists wrote in their forecast.

Fortune

5 Cities Where Home Prices Have Actually Dropped in 2023

After years of rising real estate prices, we're finally seeing some markets come back down to earth. That's great for potential homebuyers - who should take a careful look at these five metro areas, where home prices have cooled off in 2023, despite sky-high mortgage rates.

Barchart

Mortgage rates have been falling for weeks as inflation fades—but the housing market may still struggle with affordability and high home prices

“For those homebuyers who can wait, the spring will bring more new listings and lower mortgage rates," Bright MLS chief economist Lisa Sturtevant said.

Fortune

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The ‘silver tsunami’ is about to hit the housing market—but millennials and Gen Zers may not come out any better in the wash

Just over half of people aged 50-plus are set to downsize in the next two years.

Fortune

Colorado is deciding if homeowner tax relief can come out of a refund that's one-of-a-kind in the US

Colorado residents are deciding whether to siphon off a state tax refund that’s unique in the U.S. to help homeowners offset hikes in property taxes from years of rising home prices

The Independent UK

The housing market is starting to crack—Sellers are cutting prices at record levels as 'You can no longer price based off of where sales were'

Nearly 7% of sellers posted price drops in October, Redfin says—well above the 3.6% average.

Fortune

Housing affordability is so strained that 1 in 5 couples ask for down payment cash on their wedding registry. Your friends and family would rather give you cash to go to Mexico

Home prices are soaring, and down payment funds are becoming popular wedding registry items. But couples receive more on average asking for a honeymoon.

Fortune

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Home prices in 7 cities just reached all-time highs on the back of a blistering 7-month run for the housing market—and the Midwest is the big winner

It's good to own in Detroit and Chicago right now, but not so much in San Francisco and Seattle.

Fortune

Housing rebound eyes new mark but rates threat looms

National home prices are about to hit a fresh peak in October, though the pace of growth is starting to slow.

AAP

The housing market is headed back to a 1980s-style recession, Wells Fargo says—and it's all because of 'higher for longer' mortgage rates

“The residential sector now appears to be contracting alongside the recent move higher in mortgage rates,” the bank’s economists wrote.

Fortune

Goldman just dropped a housing market forecast for 2024 and sees high home prices, high mortgage rates—and the lowest number of existing home sales since the early ’90s

The bank expects supply to remain tight but high rates to weigh on affordability, it predicted in its updated 2024 housing outlook.

Fortune

Rental market softening continues—It’s even cheaper to rent than buy in nearly every major market, report finds

“As rents ease and both home prices and mortgage rates continue to climb, it’s become more economical to rent than to buy in nearly all major markets,” Realtor.com’s chief economist said.

Fortune

Zillow revises its 2024 home price forecast downward for second month in a row. Here’s why

Are we on the brink of a "housing recession" as existing home sales plummet to 2010 levels? Zillow is doubling down on its prediction on home prices.

Fortune

The housing winter arrives early as existing-home sales crash to Great Recession levels and the long-feared ‘deep freeze’ sets in

Zillow warned in May that housing would enter a “deep freeze” if mortgage rates hit 8%. They came anyway—and existing home sales hit a 13-year low.

Fortune

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Fortune

Morgan Stanley reverses course on the housing market, seeing a lot more pain ahead for homebuyers

Morgan Stanley analysts previously expected national home prices to fall 4% in 2023. Not anymore.

Fortune

It’s official: The housing market is turning millennials into their parents. A Fortune 500 economist says it’s a deja vu market that is replaying the 1980s

When the boomers came of homebuying age, they had to contend with high rates, high inflation, and a crowded market. Sound familiar?

Fortune

Goldman is back with a 16-years-later look at the housing market crash of 2008—and finds affordability is even worse right now

Goldman Sachs economist says it would take a ‘shock to the broader economy’ to make homebuying more affordable.

Fortune

Buckle up for more ‘turbulence’ in the housing market, BofA says—it’s a housing recession, 1980s-style

“Looking back at previous housing recessions, we think the 1980s are a better analogy for today's market than the 2008 housing crash,” BofA economists said.

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Fortune

Zillow once again shifts its 2024 home price forecast. Here's why

In August, Zillow predicted that U.S. home prices were poised to increase 6.5% over the next 12 months, but now it is revising that estimate to 4.9%.

The Conversation

How much did Chinese investors drive up Sydney home prices? It's less than you might think

When China cracked down on money leaving the country in 2017, some Sydney home prices fell 3%, while in other suburbs the restrictions had next to no impact.

Fortune

Zillow is a full-blown housing market bull—predicting that U.S. home prices will jump 6.5% by July 2024

Zillow: “Limited for-sale inventory continues to push home prices upward even as mortgage rates remain elevated.”

Fortune

Self-made real estate millionaire Barbara Corcoran says U.S. home prices won’t fall—but could jump 10% or 15% if mortgage rates dip

Barbara Corcoran is getting bullish on U.S. home prices.

The Independent UK

Average long-term US mortgage rate hits highest level in 2 decades

The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years, grim news for would-be homebuyers already facing high home prices caused a lack of supply

Kiplinger

Mortgage Payments Spike Nearly 20% From a Year Ago

High interest rates and expensive home prices are hurting potential homebuyers, as mortgage payments jump from a year ago. Payments are up almost 20% from last year.

Fortune

10 housing markets up the most—and 10 down the most

The best way to describe the housing market over the past year: bifurcated.

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