They're not going to build enough. Anything they build will be ridiculously overpriced anyways
When will these housing prices go down?
- Thread starter chuckifubuck
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The Devil's Advocate
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The apparently unstoppable growth of home prices in the U.S. is finally slowing down as aspiring buyers struggle with affordability, according to the latest data from Moody's Analytics, with nearly half of all states reporting drops last month.
According to the company's latest House Price Index, national house prices rose by 0.12 percent in March—the slowest pace of monthly gains in more than a year—though, compared to a year earlier, they were still 5.9 percent higher. In February, house prices had climbed by almost 0.2 percent compared to a year earlier and were 6.1 percent higher than in February 2023.
Read more: What is a Mortgage? Types & How They Work
Behind this data is a conflicting reality that splits the country in places where house prices are still increasing and others where they've started to slide. In over 20 states and nearly half of the 403 metropolitan areas tracked by Moody's, prices actually dropped compared to a year earlier. In about half of the states, prices climbed.
The housing markets of states in the Northeast and Midwest had the strongest performances, according to Moody's, as house prices are relatively more affordable there. Of the 10 largest metropolitan areas in the country, New York (+0.8 percent), Philadelphia (+0.5 percent) and Chicago (+0.6 percent) were the fastest growing in terms of prices, while struggling cities were focused in the South and West, including Dallas (-0.3 percent), Washington, D.C. (-0.4 percent), Phoenix (-0.4 percent) and Miami (-0.4 percent).
The over 20 states that recorded a price decline in March from February were: Minnesota (-0.01 percent), Tennessee (-0.05 percent), Arkansas (-0.06 percent), Iowa (-0.10 percent), Massachusetts (-0.11 percent), Washington (-0.15 percent), Utah (-0.20 percent), Georgia (-0.22 percent), Virginia (-0.25 percent), Texas (-0.31 percent), North Carolina (-0.46 percent), Arizona (-0.48 percent), Missouri (-0.56 percent), Florida (-0.59 percent), South Carolina (-0.71 percent), Colorado (-0.77 percent), Oregon (-0.79 percent), Kansas (-1.32 percent), Vermont (-1.77 percent), Mississippi (-2.22 percent), Montana (-2.48 percent), and the District of Columbia (-3.39 percent).
The apparently unstoppable growth of home prices in the U.S. is finally slowing down as aspiring buyers struggle with affordability, according to the latest data from Moody's Analytics, with nearly half of all states reporting drops last month.
According to the company's latest House Price Index, national house prices rose by 0.12 percent in March—the slowest pace of monthly gains in more than a year—though, compared to a year earlier, they were still 5.9 percent higher. In February, house prices had climbed by almost 0.2 percent compared to a year earlier and were 6.1 percent higher than in February 2023.
Read more: What is a Mortgage? Types & How They Work
Behind this data is a conflicting reality that splits the country in places where house prices are still increasing and others where they've started to slide. In over 20 states and nearly half of the 403 metropolitan areas tracked by Moody's, prices actually dropped compared to a year earlier. In about half of the states, prices climbed.
The housing markets of states in the Northeast and Midwest had the strongest performances, according to Moody's, as house prices are relatively more affordable there. Of the 10 largest metropolitan areas in the country, New York (+0.8 percent), Philadelphia (+0.5 percent) and Chicago (+0.6 percent) were the fastest growing in terms of prices, while struggling cities were focused in the South and West, including Dallas (-0.3 percent), Washington, D.C. (-0.4 percent), Phoenix (-0.4 percent) and Miami (-0.4 percent).
The over 20 states that recorded a price decline in March from February were: Minnesota (-0.01 percent), Tennessee (-0.05 percent), Arkansas (-0.06 percent), Iowa (-0.10 percent), Massachusetts (-0.11 percent), Washington (-0.15 percent), Utah (-0.20 percent), Georgia (-0.22 percent), Virginia (-0.25 percent), Texas (-0.31 percent), North Carolina (-0.46 percent), Arizona (-0.48 percent), Missouri (-0.56 percent), Florida (-0.59 percent), South Carolina (-0.71 percent), Colorado (-0.77 percent), Oregon (-0.79 percent), Kansas (-1.32 percent), Vermont (-1.77 percent), Mississippi (-2.22 percent), Montana (-2.48 percent), and the District of Columbia (-3.39 percent).
