Maybe a bit off topic but does anyone think we’ll see some of these housing prices cool down a bit? Why or why not? And if so, how much?

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Interest rates go up, the cost of a mortgage becomes more expensive, demand falls, home prices drop. Meanwhile, with inflation, the cost of everything else increases, household savings fall, demand falls, prices drop. Additionally, as other markets fall, people anticipate home prices will fall, demand falls, prices drop.

So yes, the housing market and home prices will likely fall. But that doesn’t mean it’s less expensive on balance because mortgage rates are pretty high at this point. A 2% increase in mortgage rates (what we’ve seen so far) can add hundreds of thousands over the life of the loan

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Sigh… prices in LA corrected up to 50% during the mortgage meltdown. But I guess that was a one-off. Here’s to hoping 🥂

Depends on your view of supply.

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Looks like supply varies market to market. Los Angeles has excessive and expensive permitting requirements + very little empty lots left to build on. Austin, on the other hand, still has plenty of land surrounding the city to build on.

Supply growing a lot in some markets but not so much in other markets. Not sure how increased rates and possible recession changes things.

Following bc would also love to know

DC market appears to be slowing down due to higher interest rates. That said, it’s still a really hot market, especially for single family homes in NW.

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