Written by Chase Majerus
Welcome back from your 4th of July weekend! We hope to warmly greet you back to reality with an exciting edition of your real estate, mortgage, and finance newsletter, This Week Today! We’re diving into the dire state of housing affordability, the surprising shift from backyard pool parties to summer vacations, and the storied Lalaurie Mansion hitting the market. Enjoy!
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The American might be strong against other currencies but stands basically no chance against housing affordability which has hit a 30-year low, with a 9% drop in 2023, as nominal home prices jumped 5.9%.
First American’s Real House Price Index (RHPI) predicts no relief in sight for 2024, blaming sticky house prices and stubborn inflation.
West Virginia takes the (unwanted) crown with a 23.2% surge in RHPI, while Memphis leads the metro pack with an 18% increase. Other big RHP changes include Illinois (16%), Rhode Island (15.6%), Vermont (15.3%) and New Jersey (15.1%). Other big metros include Cincinnati (17.8%); Providence, Rhode Island (16.4%); Seattle (16.1%); and Boston (15.5%).
Despite wage growth of 4.1% and low unemployment, affordability is set to stay a nightmare for 2024. But hey, hang tight for 2025, when mortgage rates might finally give us a break.
The infamous Lalaurie Mansion in New Orleans is on the market for $10.25 million, making it one of the city’s priciest properties at $995 per square foot. Let’s check it out:
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No, not really. Could you imagine?
What is actually happening is that Americans are trading pool noodles for plane tickets as new pool installations dive by 15% to 20% this year. Pool Corp. and local contractors are feeling the splashback from the shift towards vacations over backyard makeovers.
“2023 was already a pool party flop,” says Skip Ast III from Shasta Pools, noting 2024’s even worse. Instead of inflatable flamingos, people are now splurging on flights, hotels, and concert tickets.
Despite the cool-off in pool demand, companies like Shasta and Pool Corp. are staying afloat with savvy business moves and pool maintenance services. And with heat waves on the rise, pools might soon be less of a luxury and more of a desert survival kit.
Bank of America economists predict that the US housing market will remain stagnant for several years, with affordability issues persisting unless a recession occurs. Pandemic-related factors, high interest rates, and the “lock-in effect” for homeowners are key contributors to the market’s struggles. While sales have plummeted, prices have remained high, and significant price relief is not expected in the near term. – Read More
As the peak homebuying season ends, the housing market faces a slowdown with rising inventory, softening demand, and stable but high prices. Home sales and new listings are declining, while unsold inventory is expected to grow until October, possibly reaching 700,000 homes.
Despite current stability in home prices, elevated mortgage rates and increasing price reductions suggest potential weakness in the market through the second half of 2024. – Read More
Despite June being National Homeownership Month, high mortgage rates and skyrocketing housing prices have made homeownership unattainable for many Americans, with nearly half struggling to afford their monthly housing bills.
Stories from individuals like Brenda R., Andrew H., and Mary Lynn T. highlight the severe impact of the housing crisis, prompting calls for federal action to expand affordable housing options.
Proposed policies such as the Neighborhood Homes Investment Act and the Low-Income Housing Tax Credit aim to increase affordable housing supply and provide much-needed relief to struggling Americans. – Read More
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