Zillow: Housing Market Demand Drops 30% Nationwide

1 year ago
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Zillow: Housing Market demand drops 30% nationwide. In addition, I'll discuss the California housing market along with the latest Wells Fargo housing market forecast.

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Error Correction: Intro statement corrections CA sales drop 30% not prices.

â–¶ TIME STAMPS

00:00 Intro
00: 20 Jeff Bezos Warns
2:50 Subscribe To My Weekly Newsletter
3:40 Housing Market Update
3:52 California Housing Market
5:16 Zillow Demand Drops Nationwide
6:16 Wells Fargo Housing Market Forecast
8:57 Outro

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â–¶ VIDEO NOTES

Declining Demand Drives Price Pullback
The housing market is undergoing a swift rebalancing. After two years of double-digit percent increases and 13 consecutive months in which a new all-time record pace was set, national annual home value growth peaked in April and has now slowed for five consecutive months. It may be tempting to conclude this slowdown has been caused by the housing shortage turning into a glut, similar to what happened during the Great Recession 15 years ago. However, an analysis of recent housing market data indicates that it’s been a sharp pullback in demand for housing that is disproportionately responsible for the current slowdown in price growth. Active for-sale inventory rose steadily through the spring and summer but still sits nearly 40% below pre-pandemic levels. Meanwhile, new for-sale listings were down 16% in September compared to a year prior – a similar annual shortfall that was seen in August and in July.

Read the entire Zillow article - https://www.zillow.com/research/declining-demand-drives-price-pullback-31525/

When to expect the housing market downturn to conclude, according to Wells Fargo
The silver lining for agents and builders? Usually, the U.S. housing market is FIFO: first into the recession and first out of the recession. The big exception was the housing bubble, which saw the U.S. housing market slip into a downturn in 2006. That downturn, which lasted through 2011, was three times as long as the Great Recession.

read the entire Wells Fargo forecast article - https://fortune.com/2022/10/18/housing-market-downturn-long-way-to-go-wells-fargo-forcast-home-prices-2023-2024/amp/

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