Posted on 02/22/2022 6:40:25 AM PST by Browns Ultra Fan
The S&P CoreLogic Case-Shiller National home price index remained HOT in December, growing at a 18.84% pace. M2 Money YoY is still smoking at 13.11%.
All 20 metro areas in the Case-Shiller 20 index grew at 10% or higher YoY with my former home city Phoenix leading the way at 32.5% YoY house price growth. Washington DC, aka Mordor on The Potomac, was in last place at 10.5% YoY.
In terms of active inventory of housing, only Phoenix and Columbus Ohio are showing positive growth in active inventory YoY. But even Phoenix and Columbus saw a decline MoM (or month-over-month).
Including Existing Home Sales Active listings in the first chart, we see The Federal Reserve continuing to pump money at at 13.11% clip while active inventory is at an all-time low.
This is nuts.
(Excerpt) Read more at confoundedinterest.net ...
I’m going to move into the woods and make a hobbit house.
Our daughter and fiancé just bought a house near Spokane, WA. It’s become the hottest market in the country, +30% in 2020 and +30% in 2021 with +25% projected in 2022. Prices DOUBLE in less than three years.
People are scared to death of not getting into a house now before prices go higher and are bidding property prices up all over the country.
It’s good to see that Washington DC is the laggard market at “only” +10%.
Think of the impact on property taxes. They will partially adjust the mill rate but still take a healthy jump.
Prices will continue to increase. Who wants to hang onto “Zimbabwe” dollars.
Prices will continue to increase. Who wants to hang onto “Zimbabwe” dollars.
Prices will continue to increase. Who wants to hang onto “Zimbabwe” dollars.
Sorry 4 triple post
Atlanta is crazy also. Low inventory, lots of new people moving here. We just sold my Mom’s house for $110,000 more than it appraised for in 2020. We are remodeling our house across the street for sale now. Every month the prices go up.
It’s called supply and demand. If houses were ‘too expensive’ no one would be buying them.
There’s a housing shortage! People with jobs don’t want to live in tents, they need housing and they are qualifying which means it’s not too expensive for them to buy.
As rates rise (they need to) the rate of increase in housing will slow, perhaps stall, likely a recession.
Nobody will like that either.
I would. Too many damn houses around me with too many damn liberals.
This is starting to remind me of 2004-2005 based on the price increases in some of the markets.
However, the major difference is the overall inventory of existing homes available across the country is down 30%.
So, you have too many people all trying to buy the same house.
Supply is down, demand is up. ECON 101
“I would. Too many damn houses around me with too many damn liberals.”
Bwahahaha, I get that! I moved to escape them quite some time ago. City prices are higher than most small town prices, and millions of people are taking advantage of that.
“So, you have too many people all trying to buy the same house.
Supply is down, demand is up. ECON 101”
Your brilliance is rare these days. Supply and demand, what does it mean?
You know, good for you.
Totally agree with your supply and demand philosophy, but take issue with manipulating interest rates to control markets.
I’m shocked that Spokane WA has the ‘hottest market in the country’.
This article says PHX has the fastest growing market, but....I guess Spokane has the hottest market.
I wonder what the other hot spots are. I know we see plates from EVERY lib state, daily, here in TX.
Was it 4 or 3? /s
Miami is up 27%....I guess a lot of NYers moving down.
“Totally agree with your supply and demand philosophy, but take issue with manipulating interest rates to control markets.”
Reasonable, what are you doing about that since you “take issue” with it?
Abraham Lincoln said the best way to secure you good future is to build it yourself.
HURRUPH! HURRUPH!
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