From USA Today:
High prices and mortgage rates have plagued the housing market. Now, a welcome shift
Mortgage rates are high, home prices are lofty and selection is slim.
There isn’t much to like about the housing market, except for one small positive: more affordable homes are coming onto the market, according to real estate marketplace Realtor.com.
In May, the national median listing price inched up 0.3% to $442,500 from a year earlier, but price per square foot rose 3.8%, Realtor.com said. Since May 2019, the median listing price has jumped 37.5% while price per square foot soared 52.7%.
With huge price gains since 2019, homes don’t feel like a bargain. But Realtor.com says the big difference between the percentage changes in listing price and price per square foot indicates more affordable homes are for sale now.
“The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further,” said Realtor.com’s chief economist Danielle Hale. “Some much-welcomed news for prospective buyers.”
…
In May, there were 35.2% more homes for sale than a year earlier, Realtor.com said, the seventh consecutive month inventory rose, which is good news for buyers in itself, it said.
But “a deeper dive into the mix of homes for sale shows a 46.6% increase in homes priced in the $200,000 to $350,000 range across the country year-over-year, even surpassing last month’s high of 41.0%, indicating affordable homes continue to enter the market,” it said.
Inventory growth in this price range outpaced all other price categories in every month from February through May, it said.
First.
Looking to buy in Wyoming (Sheridan or Powell area). Waiting for October and more price cuts.
Dirty Jerzy shore hotter than ever…
“Five or six years ago, $2 million would be toward the top of the market, said Allacen Jennings oF Century 21 Solid Gold Realty. But “$2 (million) is going to be an OK price now,” she said.”
https://www.nj.com/realestate-news/2024/06/2m-will-buy-you-a-nice-house-at-the-jersey-shore-but-dont-expect-an-ocean-view.html
Wyoming, Idaho, Montana, Dakotas – the last really untapped areas in the US.
With a few more degrees of global warming, they might be quite nice.
Buying into the prime areas does come with eye watering price tags that make Jersey look cheap.
Global warming or not winters are still brutal, besides do you really want to live at nearly 4,000 ft elevation year round? Oxygen % at sea level is 20.9 %. At 4,000 ft it’s on 17.9%.
I have been higher for extended periods skiing. It takes time you can adjust etc but it will never be the same as living at sea level, imagine walking up stairs and feeling winded? When they did the Mexico City Olympics games back in 1968 @ 6,000 ft there were many athletes needing supplemental oxygen etc.
Old age living in the mountains? Nah….I’ll visit but stay year round. No thanks.
Why head west?? You run out of d-cks to suck in New Jersey!???
Pretty sure you are going to die of dysentery out there, you know, Oregon Trail and all.
I have family in North Dakota, nobody goes to visit. Too rural, way way too rural. Thousands of acres. Land is not farmed. They are paid to keep it fallow. To combat global warming the Biden Administration now wants to double the amount of acreage not farmed.
Something like 25 million acres increase have been kept fallow for decades and now they want to increase it to to 50 million acres. Just as a reference, the entire state of New Jersey is only 5 million acres.
Tough crowd here.
Been to Sheridan WY a few times and hiked the Cloud Peak wilderness. Nothing like it. But, to each their own.
Brought it up because I have been watching prices out there for a while now and they are slowly drifting down in some areas with a lot of price cuts. People are rethinking their second homes and Airbnb’s. Also a lot of Cali folks thought it would be a good idea to move there during Covid for remote work and are finding that it is too cold and they no longer have a job. Plus the nearest Starbucks is 50 miles away.
Kinda reminds me of the great depression. The obvious solution to people starving is to pay farmers to burn down half their crop and pour milk down the drain. Stupid policies. It’s basically America’s version of the “Great Leap Forward”.
Dollar,
go for it. I have a friend who moved out to the mountains of Colorado from Bergen County. He’ll never go back. He even met someone from New Milford there and they reminisced about how much better their lives are out there.
Dolla,
I think it’s great to move out there, but make sure you are comfortable with your family and the internet, because that’s pretty much all you got out there. I love nature and hiking so, I get it.
I thought Bozeman was pretty cool, been there twice.
Multimillionaires need not apply. Probably doesn’t matter, the locals are going to hate you no matter how much money you bring.
BRT – USDA and FDA have had some great management programs actually to stabilize prices. Too much Wheat is bad for the farmers. North Dakota grows something like 50% of the Spring Wheat nationwide. They grow too much there they kill prices in other states.
Cutting back farming for some kind of Co2 reduction program? That just means people in the third world will starve. We export about 20% of all crops grown, and allot more Corn, Soy, and even Rice….than almost everyone else.
Bozeman? That is ski tourism. Every skiing town hates the tourists and people who buy vacation homes there. They drive up the prices of lift tickets, and heck beer at the local bar.
I can’t live without friends and family. I would just drink and then eat a gun. A slow process over a number of years. I need my quiet and isolation, but then the silence becomes deafening.
BRT says:
June 10, 2024 at 9:03 am
Dollargo for it. I have a friend who moved out to the mountains of Colorado from Bergen County. He’ll never go back. He even met someone from New Milford there and they reminisced about how much better their lives are out there.
Friend of mine who lives in the mountains just posted how they miss the Jersey Shore.
A cold lake is simply no substitute..
Elon now miffed at the Norwegian sovereign wealth fund, says it ” not cool” that they are opposing his now $56 billion dollar pay package from 2018 that was voided by a Delaware Judge in January.
Can we bet on how many times Apple will say AI today? I am going to go with 50 times.
Starts at 1 PM….. worldwide developer community 2024.
https://www.apple.com/apple-events/
DollarBill says:
June 10, 2024 at 6:05 am
“Looking to buy in Wyoming…”
WY income tax: 0%, NJ income tax: 6.4% (for vast majority of residents)
WY sales tax: 4%, NJ sales tax: 6.625%
Good idea, Bill. I just hope that you’re a smallgovconservative looking to take your talent and capital to a state that still appreciates those things (a red state), as opposed to a coastal liberal that’s looking to escape the mess that he helped create.
Even better news announced for anyone still on an older iPhone handset.
iPhone 11 Series to iPhone XS/XR/XS MAX your devices will get iOS 18 this year.
I just replaced my son’s iPhone and again for the 4th time this weekend. Aftermarket screen is $20 delivered from Prime. It gets here overnight too. I may have to encase his iPhone in flubber.
Juice
Yes. A lake is not the same as the Jersey shore. We went to a lake a few times and joined a gym that has a big outdoor patio and pool. Don’t have to deal with snakes, drunken boater and jet skiers, and the horses of unwashed masses.
Juice. Otterbox Defender. The phone won’t fit in his pocket, but it won’t break either.
Juice, that’s my point. There’s no reason we need to artificially inflate the price of wheat through artificial scarcity.
Chi, my plan is to move out of state. I’ll come back in the summer and maybe do some summer rental on teh shore.
But “a deeper dive into the mix of homes for sale shows a 46.6% increase in homes priced in the $200,000 to $350,000 range across the country year-over-year, even surpassing last month’s high of 41.0%, indicating affordable homes continue to enter the market,” it said.
Where do I have to go in NJ to find a decent house in that price range? Salem County?
Gas heat, central air and public utilities with a “2” handle. Check. Hey, you gotta do what you gotta do:
https://www.trulia.com/home/518-hazel-ave-vineland-nj-08360-38423202
New construction in the low $300s:
https://www.trulia.com/home/306-n-west-blvd-landisville-nj-08326-37784739
What can happen if everyone took their “thumb off the scale.”
https://www.nytimes.com/2024/06/08/headway/how-an-american-dream-of-housing-became-a-reality-in-sweden.html?unlocked_article_code=1.yk0.7aLG.SkmDRQtmwMVk&smid=url-share
That’s a picture of the model home Gary. Here’s the home at that address.
https://tinyurl.com/nh9ske53
Those Physics notes are the shit. You are a legend in an Ivy Bound student’s estimation. My summer project is to radicalize him through stringent inculcation of proper thinking. I want him to find his community.
BRT says:
June 10, 2024 at 10:26 am
Chi, my plan is to move out of state. I’ll come back in the summer and maybe do some summer rental on teh shore.
That is exactly where I was this past weekend. Really dusty part of Jersey. Hot as hell. Like a griddle.
Dated a girl from Elmer. Was one of those jj specials. To far up the crazy matrix, but a nice-nice girl.
are you charging loans to your kids at libor + 350 bps interest like lefwing?
Lol!
Chicago says:
June 10, 2024 at 11:44 am
Those Physics notes are the shit. You are a legend in an Ivy Bound student’s estimation. My summer project is to radicalize him through stringent inculcation of proper thinking. I want him to find his community.
Chi, my pleasure. If anyone here else ever needs notes for Physics, just let me know.
Apple has a new iPad Calculator with “math notes” works with the Pencil.
Looks pretty neat for sure, and so does Smart Script with the Pencil as well.
oooooff Jury is deliberating… what a burn by the Prosecutor.
“The defense lawyer argued that despite the prosecution’s claim that Biden made a false statement on a form when he purchased a handgun about not being a user of illegal drugs, Biden did not believe that his statements on that form were false.
Lowell argued that there was not sufficient evidence to prove that Biden knew he was an addict during the period detailed in testimony at trial, from 2015 through 2019.
After Lowell finished his argument, another federal prosecutor, Derek Hines, offered a rebuttal to jurors.
Hines said prosecutors had proved Biden was guilty beyond a reasonable doubt “seven ways to Sunday.”
“It may seem obvious, but someone who has a crack pipe to his mouth every 15 minutes knows they’re an addict,” Hines said.”
“are you charging loans to your kids at libor + 350 bps interest like lefwing?”
My kids went to University where they wanted, nearly full rack rate, with conditions. Why I was out of pocket easily $400k, more likely over 5 all-in…
Their contribution to their college cost was academic. Maintain an admirable GPA, then everything would be paid by me. Top to bottom. No loans, working during the academic year, or such.
“Privileges” like your own car in HS? Same concept…contribute to your own well being, financially in this case, and I will too. Otherwise, yeah, start to learn the reality of indebtedness….
I know concepts like personal responsibility and accountability escape your Left side of the spectrum as you hand out helping after helping of much for nothing…but since my kids weren’t part of your side’s preferred DEI alphabet soup of the day they need to be prepared to live in Fast’s traditional America, ya know…
And by the way, as they have already come out the other side and I see the results I am certain they will eat yours for lunch. Appy even maybe.
But your concern for my offspring is touching!
Left, you think the “hand out” of “maintain a good GPA and you get all the fees taken care of” is noble or evil based on whether the parent votes for the red team or the blue team? What exactly is a good GPA when everyone around has a 4.0?
BRT, mind if I ask you for your physics notes?
Everythings political now. Which frankly bores the shit out of me.
“but someone who has a crack pipe to his mouth every 15 minutes knows they’re an addict”
Yet in all the testimony. No-one testified that they saw him using in the timeframe of the purchase. I see this as straight acquittal or hung jury.
Vegas has an interesting view.
The Panama-headquartered oddsmaker BetOnline showed as of Wednesday afternoon that the son of President Joe Biden has 1/2 odds (66.7 percent) to receive a fine, ahead of 3/1 odds (25 percent) for a jury letting him off.
Hunter Biden faces the following odds for these other potential outcomes:
Probation—6/1 (14.3 percent)
Community service—14/1 (6.7 percent)
Custodial sentence—20/1 (4.8 percent)
House arrest—33/1 (2.9 percent)
Dave Mason of BetOnline told Newsweek that the trial’s outcome has generated the most bets, with “probation” being a popular choice among bettors.