The Frozen Housing Market Just Got Worse

US home prices have fallen for 5 consecutive months already. For example, the median sold price has declined by 10.4% since June (June-Nov 2022). Based on my own analysis, the average for that same time period (June through Nov) going back to the year 2010 was an average decline of only 5.0%.

Also, existing home sales (on a seasonally adjusted annualized rate) fell 35% on a year over year basis in November. November’s annualized rate of home sales of 4.09M is the lowest level since November 2010 (excluding the onset of the pandemic - May 2020). Meanwhile the months’ supply of unsold inventory was 3.3 months. This is according to a new report and data from the National Association of Realtors (NAR).

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Compilation of Housing Market Forecast videos:
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.3% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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#homeprices #Realtor #housingmarket