House Prices Fall in Nearly Half of US States!!!

[CaptainMaverick]

 

 

The apparently unstoppable growth of home prices in the U.S. is finally slowing down as aspiring buyers struggle with affordability, according to the latest data from Moody's Analytics, with nearly half of all states reporting drops last month.

According to the company's latest House Price Index, national house prices rose by 0.12 percent in March—the slowest pace of monthly gains in more than a year—though, compared to a year earlier, they were still 5.9 percent higher. In February, house prices had climbed by almost 0.2 percent compared to a year earlier and were 6.1 percent higher than in February 2023.

 

Behind this data is a conflicting reality that splits the country in places where house prices are still increasing and others where they've started to slide. In over 20 states and nearly half of the 403 metropolitan areas tracked by Moody's, prices actually dropped compared to a year earlier. In about half of the states, prices climbed.

The housing markets of states in the Northeast and Midwest had the strongest performances, according to Moody's, as house prices are relatively more affordable there. Of the 10 largest metropolitan areas in the country, New York (+0.8 percent), Philadelphia (+0.5 percent) and Chicago (+0.6 percent) were the fastest growing in terms of prices, while struggling cities were focused in the South and West, including Dallas (-0.3 percent), Washington, D.C. (-0.4 percent), Phoenix (-0.4 percent) and Miami (-0.4 percent).

The over 20 states that recorded a price decline in March from February were: Minnesota (-0.01 percent), Tennessee (-0.05 percent), Arkansas (-0.06 percent), Iowa (-0.10 percent), Massachusetts (-0.11 percent), Washington (-0.15 percent), Utah (-0.20 percent), Georgia (-0.22 percent), Virginia (-0.25 percent), Texas (-0.31 percent), North Carolina (-0.46 percent), Arizona (-0.48 percent), Missouri (-0.56 percent), Florida (-0.59 percent), South Carolina (-0.71 percent), Colorado (-0.77 percent), Oregon (-0.79 percent), Kansas (-1.32 percent), Vermont (-1.77 percent), Mississippi (-2.22 percent), Montana (-2.48 percent), and the District of Columbia (-3.39 percent).

 

Compared to a year earlier, nearly all 50 states plus the District of Columbia reported price increases, with the exception of Mississippi, where prices dropped by 1.02 percent between March 2023 and March 2024.

"We're seeing home prices soften in the West and South. Both regions have seen a substantial increase in home prices since the pandemic began, driving a wedge between the current price of homes and what economic fundamentals have typically supported," Matthew Walsh, Moody's Analytics housing economist, told Newsweek.

"As mortgage rates rise nationally and affordability plummets, these overvalued states experience greater downward pressure on prices. Additionally, some Southern states are contending with a sharp rise in insurance costs, which is beginning to weigh on homeowners. As a result, active inventories in places like the Gulf Coast of Florida and Louisiana are rising."

 

While a drop in prices is good news for potential homebuyers, the truth is that the decline is due to the fact that people are being priced out of the market because of high prices and still high mortgage rates.

"With the rate on a 30-year fixed mortgage averaging close to 7 percent over the month, many potential buyers have been priced out of the market," Walsh said. "Annual price appreciation ticked lower over the month, rising 5.9 percent, compared to 6.1 percent in February."

 

At the national level, condominium prices were up 0.2 percent in March from the previous month, while single-family attached properties excluding condos were down 0.1 percent.

"Should the Fed act as expected and cut interest rates in the coming months, the rate on a 30-year fixed mortgage should decline a bit in the second half of this year," Walsh said. "Even so, the decline in mortgage rates will be slow, with the 30-year fixed mortgage rate forecast to fall only to around 6.5 percent by the end of 2024."

[Konebhar6]

25 minutes ago, CaptainMaverick said:

 

 

The apparently unstoppable growth of home prices in the U.S. is finally slowing down as aspiring buyers struggle with affordability, according to the latest data from Moody's Analytics, with nearly half of all states reporting drops last month.

According to the company's latest House Price Index, national house prices rose by 0.12 percent in March—the slowest pace of monthly gains in more than a year—though, compared to a year earlier, they were still 5.9 percent higher. In February, house prices had climbed by almost 0.2 percent compared to a year earlier and were 6.1 percent higher than in February 2023.

 

Behind this data is a conflicting reality that splits the country in places where house prices are still increasing and others where they've started to slide. In over 20 states and nearly half of the 403 metropolitan areas tracked by Moody's, prices actually dropped compared to a year earlier. In about half of the states, prices climbed.

The housing markets of states in the Northeast and Midwest had the strongest performances, according to Moody's, as house prices are relatively more affordable there. Of the 10 largest metropolitan areas in the country, New York (+0.8 percent), Philadelphia (+0.5 percent) and Chicago (+0.6 percent) were the fastest growing in terms of prices, while struggling cities were focused in the South and West, including Dallas (-0.3 percent), Washington, D.C. (-0.4 percent), Phoenix (-0.4 percent) and Miami (-0.4 percent).

The over 20 states that recorded a price decline in March from February were: Minnesota (-0.01 percent), Tennessee (-0.05 percent), Arkansas (-0.06 percent), Iowa (-0.10 percent), Massachusetts (-0.11 percent), Washington (-0.15 percent), Utah (-0.20 percent), Georgia (-0.22 percent), Virginia (-0.25 percent), Texas (-0.31 percent), North Carolina (-0.46 percent), Arizona (-0.48 percent), Missouri (-0.56 percent), Florida (-0.59 percent), South Carolina (-0.71 percent), Colorado (-0.77 percent), Oregon (-0.79 percent), Kansas (-1.32 percent), Vermont (-1.77 percent), Mississippi (-2.22 percent), Montana (-2.48 percent), and the District of Columbia (-3.39 percent).

 

Compared to a year earlier, nearly all 50 states plus the District of Columbia reported price increases, with the exception of Mississippi, where prices dropped by 1.02 percent between March 2023 and March 2024.

"We're seeing home prices soften in the West and South. Both regions have seen a substantial increase in home prices since the pandemic began, driving a wedge between the current price of homes and what economic fundamentals have typically supported," Matthew Walsh, Moody's Analytics housing economist, told Newsweek.

"As mortgage rates rise nationally and affordability plummets, these overvalued states experience greater downward pressure on prices. Additionally, some Southern states are contending with a sharp rise in insurance costs, which is beginning to weigh on homeowners. As a result, active inventories in places like the Gulf Coast of Florida and Louisiana are rising."

 

While a drop in prices is good news for potential homebuyers, the truth is that the decline is due to the fact that people are being priced out of the market because of high prices and still high mortgage rates.

"With the rate on a 30-year fixed mortgage averaging close to 7 percent over the month, many potential buyers have been priced out of the market," Walsh said. "Annual price appreciation ticked lower over the month, rising 5.9 percent, compared to 6.1 percent in February."

 

At the national level, condominium prices were up 0.2 percent in March from the previous month, while single-family attached properties excluding condos were down 0.1 percent.

"Should the Fed act as expected and cut interest rates in the coming months, the rate on a 30-year fixed mortgage should decline a bit in the second half of this year," Walsh said. "Even so, the decline in mortgage rates will be slow, with the 30-year fixed mortgage rate forecast to fall only to around 6.5 percent by the end of 2024."

People are not realizing, but house affordability is getting worse and worse. 

[YSRLKJagan]

Congratulations @Sonu_Patel

[Sonu_Patel]

ee new ma dallas ki applicable avadanna. endhanna.. ma dallas lo bids vesi maree kontunte.. 

[ARYA]

1 hour ago, Sonu_Patel said:

ee new ma dallas ki applicable avadanna. endhanna.. ma dallas lo bids vesi maree kontunte.. 

anna atlanta lo 5k sqft home 250k ki ostada

[jalsa01]

If interest rates continues above 5% level for next 2-3 yrs which is mostly likely and new normal many houses will be up for sale as pre-covid/covid tym buyers might be due for refinance at current level..

[LadiesTailor]

1 hour ago, Sonu_Patel said:

ee new ma dallas ki applicable avadanna. endhanna.. ma dallas lo bids vesi maree kontunte.. 

maa VA area lo kooda same… bids vesi mari kontunnaru 

[Sucker]

3 hours ago, Sonu_Patel said:

ee new ma dallas ki applicable avadanna. endhanna.. ma dallas lo bids vesi maree kontunte.. 

 

1 hour ago, LadiesTailor said:

maa VA area lo kooda same… bids vesi mari kontunnaru 

Is this only in Desi community all over ?? Maa FL lo alantivem vinaledhu ga anna peak time lo kuda. Yeah waiting list vunte corona time lo but ee bidding ante ? 

[CaptainMaverick]

18 minutes ago, Sucker said:

 

Is this only in Desi community all over ?? Maa FL lo alantivem vinaledhu ga anna peak time lo kuda. Yeah waiting list vunte corona time lo but ee bidding ante ? 

Mostly Desis anna....undedi H1 meeda...$$$ petti illu kontaaru edo Citizens ayinattu!!! All their jobs are just one bad quarter away!! Buying houses when interest rates were low or affordable...that was a different story...Many could buy houses with whatever amount they had been paying toward rent!!

Unless they have a GC or Citizenship, buying houses in this market is sheer stupidity. All control all your expenses to the maximum extent. 

[Sucker]

8 minutes ago, CaptainMaverick said:

Mostly Desis anna....undedi H1 meeda...$$$ petti illu kontaaru edo Citizens ayinattu!!! All their jobs are just one bad quarter away!! Buying houses when interest rates were low or affordable...that was a different story...Many could buy houses with whatever amount they had been paying toward rent!!

Unless they have a GC or Citizenship, buying houses in this market is sheer stupidity. All control all your expenses to the maximum extent. 

We come from real estate mindset. House ante memories necessity nundi real estate chesthe inkem vuntadhi. Light le aina yevadi dhoola vaadidhi 

[LadiesTailor]

1 hour ago, Sucker said:

 

Is this only in Desi community all over ?? Maa FL lo alantivem vinaledhu ga anna peak time lo kuda. Yeah waiting list vunte corona time lo but ee bidding ante ? 

Mixed crowd bro

[JUST444FUN]

8 hours ago, CaptainMaverick said:

 

 

The apparently unstoppable growth of home prices in the U.S. is finally slowing down as aspiring buyers struggle with affordability, according to the latest data from Moody's Analytics, with nearly half of all states reporting drops last month.

According to the company's latest House Price Index, national house prices rose by 0.12 percent in March—the slowest pace of monthly gains in more than a year—though, compared to a year earlier, they were still 5.9 percent higher. In February, house prices had climbed by almost 0.2 percent compared to a year earlier and were 6.1 percent higher than in February 2023.

 

Behind this data is a conflicting reality that splits the country in places where house prices are still increasing and others where they've started to slide. In over 20 states and nearly half of the 403 metropolitan areas tracked by Moody's, prices actually dropped compared to a year earlier. In about half of the states, prices climbed.

The housing markets of states in the Northeast and Midwest had the strongest performances, according to Moody's, as house prices are relatively more affordable there. Of the 10 largest metropolitan areas in the country, New York (+0.8 percent), Philadelphia (+0.5 percent) and Chicago (+0.6 percent) were the fastest growing in terms of prices, while struggling cities were focused in the South and West, including Dallas (-0.3 percent), Washington, D.C. (-0.4 percent), Phoenix (-0.4 percent) and Miami (-0.4 percent).

The over 20 states that recorded a price decline in March from February were: Minnesota (-0.01 percent), Tennessee (-0.05 percent), Arkansas (-0.06 percent), Iowa (-0.10 percent), Massachusetts (-0.11 percent), Washington (-0.15 percent), Utah (-0.20 percent), Georgia (-0.22 percent), Virginia (-0.25 percent), Texas (-0.31 percent), North Carolina (-0.46 percent), Arizona (-0.48 percent), Missouri (-0.56 percent), Florida (-0.59 percent), South Carolina (-0.71 percent), Colorado (-0.77 percent), Oregon (-0.79 percent), Kansas (-1.32 percent), Vermont (-1.77 percent), Mississippi (-2.22 percent), Montana (-2.48 percent), and the District of Columbia (-3.39 percent).

 

Compared to a year earlier, nearly all 50 states plus the District of Columbia reported price increases, with the exception of Mississippi, where prices dropped by 1.02 percent between March 2023 and March 2024.

"We're seeing home prices soften in the West and South. Both regions have seen a substantial increase in home prices since the pandemic began, driving a wedge between the current price of homes and what economic fundamentals have typically supported," Matthew Walsh, Moody's Analytics housing economist, told Newsweek.

"As mortgage rates rise nationally and affordability plummets, these overvalued states experience greater downward pressure on prices. Additionally, some Southern states are contending with a sharp rise in insurance costs, which is beginning to weigh on homeowners. As a result, active inventories in places like the Gulf Coast of Florida and Louisiana are rising."

 

While a drop in prices is good news for potential homebuyers, the truth is that the decline is due to the fact that people are being priced out of the market because of high prices and still high mortgage rates.

"With the rate on a 30-year fixed mortgage averaging close to 7 percent over the month, many potential buyers have been priced out of the market," Walsh said. "Annual price appreciation ticked lower over the month, rising 5.9 percent, compared to 6.1 percent in February."

 

At the national level, condominium prices were up 0.2 percent in March from the previous month, while single-family attached properties excluding condos were down 0.1 percent.

"Should the Fed act as expected and cut interest rates in the coming months, the rate on a 30-year fixed mortgage should decline a bit in the second half of this year," Walsh said. "Even so, the decline in mortgage rates will be slow, with the 30-year fixed mortgage rate forecast to fall only to around 6.5 percent by the end of 2024."

Perigina inflation complete ga down Ela kaado, home prices kuda pre Covid levels ki padavu 

[Sonu_Patel]

5 hours ago, ARYA said:

anna atlanta lo 5k sqft home 250k ki ostada

vastadi anna.. south lo.. kakapothey.. night time bayatiki vachavantey nee dp lo unna finger nee venakala untadi. ah areas lo. 

[ARYA]

8 minutes ago, Sonu_Patel said:

vastadi anna.. south lo.. kakapothey.. night time bayatiki vachavantey nee dp lo unna finger nee venakala untadi. ah areas lo. 

adentanna atl antee bootala swargam annaru

[lollilolli2020]

11 hours ago, Konebhar6 said:

People are not realizing, but house affordability is getting worse and worse. 

prices tagguthe affordable avvali gaa