Compass CEO on the housing market: Saw the lowest level of transactions in 29 years in 2024

[Aquaman]

 

[Aquaman]

• There is a 25% increase in inventory compared to last year.
• •Prices are expected to stabilize and grow by 2%, potentially returning to pre-pandemic levels next year.
• •The 'financial prison' phenomenon keeps homeowners locked into low-rate mortgages.
• •75% of homeowners are locked into mortgage rates at or below 4%.
• •The Fed's rate cuts have not led to corresponding decreases in mortgage rates.
• •Miami has more inventory than pre-pandemic levels, with significant price drops.
• •Austin, Texas is experiencing price drops similar to Miami's despite fewer structural issues.
• •33% of the market has recorded a price drop, the largest in ten years.
• •New York's inventory is flat year-over-year, but prices are increasing by 16%.
• •Buying in Los Angeles is seen as a good investment opportunity despite its challenges.
• •Condos in San Francisco are considered the most undervalued market in America.

[ARYA]

as expected