Monthly Archives: May 2024

Pending sales post biggest drop in 3 years

Posted on May 31, 2024 by grim

From CNBC: Pending home sales in April slump to lowest level since the start of the pandemic Signed sales contracts on existing homes dropped 7.7% in April compared to March, the slowest pace since April 2020, according to the National … Continue reading →

Posted in Economics, Housing Bubble, Mortgages, National Real Estate | 117 Comments

Until AI takes over

Posted on May 30, 2024 by grim

From the APP: College pays off in NJ: 7th highest median earnings for graduates If you’re graduating from a New Jersey college, you might be in great shape. According to a new study, the Garden State ranks in the top … Continue reading →

Posted in Demographics, Economics, Employment, New Jersey Real Estate | 119 Comments

PSA: Home prices and mortgage rates are not correlated

Posted on May 29, 2024 by grim

From CNN: US home prices hit another record high in March US home prices reached a record high in March, reflecting the housing market’s persistent affordability crisis. The S&P CoreLogic Case-Shiller US National Home Price Index, a measure of home … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 134 Comments

Will builders pull back?

Posted on May 28, 2024 by grim

From CNBC: Sales of newly built homes tank in April, as prices and interest rates rise Sales of newly built homes dropped 4.7% in April compared with March, and fell a larger 7.7% from the prior year, the U.S. Census … Continue reading →

Posted in Demographics, Economics, Mortgages, National Real Estate, New Development | 37 Comments

New high for Hudson

Posted on May 27, 2024 by grim

From NJ.com: N.J. home got $350K over asking, making it the most expensive sale in its county this year Five days is all it took for this Hoboken brownstone to go under contract for $350,000 more than its asking price. … Continue reading →

Posted in Gold Coast, Housing Bubble, New Jersey Real Estate, NYC | 9 Comments

The next tech hotspot?

Posted on May 24, 2024 by grim

From the NY Post: Time to buy in ‘Quantum Valley’? Upstate New York home prices are set to skyrocket as Big Tech moves in Will the San Francisco Bay Area tech hub known as Silicon Valley soon be eclipsed by the … Continue reading →

Posted in Demographics, Economics, Employment, National Real Estate, North Jersey Real Estate, NYC | 45 Comments

April sales dip

Posted on May 23, 2024 by grim

From Reuters: US home sales post second straight monthly drop; house prices accelerate U.S. existing home sales unexpectedly fell in April as higher mortgage rates and house prices weighed on demand, dealing another setback to the housing market. Though the … Continue reading →

Posted in Economics, Housing Bubble, Mortgages, National Real Estate | 94 Comments

How much higher?

Posted on May 22, 2024 by grim

From Yahoo Finance: U.S. Home Prices Reach Record High Despite Slow Market Amid a broader market slowdown, U.S. home prices reached a historic peak in April, with the median sale price rising to $433,558, a 6.2% increase from the previous … Continue reading →

Posted in Housing Bubble, National Real Estate | 61 Comments

What would you trade?

Posted on May 21, 2024 by grim

From the Record: What would you sacrifice to afford a home? A report shows the differences between generations Generations often have differing perspectives on politics, work culture and family dynamics, so it might not come as a surprise that the … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 48 Comments

Price Reduced! Jeter’s House!

Posted on May 20, 2024 by grim

From NJ.com: Derek Jeter’s Greenwood Lake ‘castle’ back on the market at drastically reduced price Known locally as “the castle” on Greenwood Lake, Derek Jeter’s longtime lake house near the New York-New Jersey border is back on the market at … Continue reading →

Posted in New Jersey Real Estate, Price Reduced | 20 Comments

Nothing is cheap anymore

Posted on May 18, 2024 by grim

From MarketWatch: Rents just surged 10% in this affordable housing market. It was ‘bound to happen,’ one economist says. Renters are running away from high rents in expensive cities and moving to more affordable ones — but that’s pushing up … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 30 Comments

First to fall?

Posted on May 17, 2024 by grim

From Mansion Global: Florida and Texas Show Signs of Home Prices Falling Gary and Karen Steppe listed a condo in Indialantic, Fla., in February for $294,900. They expected the two-bedroom vacation home, which is in an oceanside town near Melbourne … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 80 Comments

Heading back below 7?

Posted on May 16, 2024 by grim

From CNBC: Mortgage demand from homebuyers drops even as interest rates pull back to April lows Mortgage rates last week dropped to the lowest level since April, but buyers are still struggling to afford today’s housing market. As a result, … Continue reading →

Posted in Economics, Housing Bubble, Mortgages, National Real Estate | 53 Comments

Different this time?

Posted on May 15, 2024 by grim

From the NY Post: US home prices have soared 47% since 2020 A recent analysis by ResiClub of the Case-Shiller National Home Price Index has unveiled a jaw-dropping surge in US home prices, soaring a lofty 47.1% since the dawn of this … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 95 Comments

90% of the country overpriced

Posted on May 14, 2024 by grim

From Fitch: Real Home Price Appreciation Aligns with Sustainable Price Trends Fitch Ratings estimates national home prices were 11.1% overvalued for 4Q23 on a population-weighted average basis, showing negligible difference from the previous quarter.  The consistency in Fitch’s overvaluation estimates, … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 102 Comments