13 Jun April 2024 Housing Report
Please take a peek at the April 2024 housing report. You can take a look at the blog, or the chart filled fun.
Although we have touched on these topics in the past, both are worth reiterating to give additional perspective. The first topic is surrounding the idea of change and how they refer to it as a constant. Dating back to last summer/fall, I had also admitted being guilty of underestimating this segment of the market where some are forced into moving. In short, life changes simply do not stop. As the blog points out, “careers, health needs, retirement, household composition” and I could probably name 4-5 others are all keeping the market afloat while others standby expecting a pullback.
This idea of a pullback ties in with the other key being affordability. At this stage, median incomes do not make enough to support the median priced homes. To me, that’s a scary fact and would make many believe that prices (or rates) must retreat. However, that first time buyer category is absolutely not slowing down and I could not agree more with the President of Minnesota Realtors when he essentially says rates falling would make competition get even more intense. And I ask you this…what do you think happens if the intensity increases? You guessed it. Prices would also follow suit making affordability a continual hurdle.
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