Introduction: housing markets in the us
According to research provided by real estate company Redfin, housing markets in the U.S Midwest and East Coast are exhibiting resiliency even as house values decrease throughout the nation.
According to Redfin’s data, the housing market in Lake County, Illinois, cooled the least from February to August of this year, out of the 100 most populous US metro areas. This time corresponded with a rise in long-term mortgage rates, which are currently nearing 7% as the Federal Reserve continues to raise its key interest rate.
Albany, New York, came in second among metro regions with the least decline in market conditions, after Chicago, New Haven, Conn., and Milwaukee. The top ten housing markets all have a similar theme of affordability, with eight of the top ten having median house prices that are lower than the national average. As a consequence, higher mortgage rates have less of a cooling impact on those markets.
Housing areas at the top of the list saw price hikes during the pandemic-era purchasing spree, but they are “still reasonable relative to the rest of the nation,” according to Redfin senior economist Sheharyar Bokhari.
They’re sluggish to feel the effects of economic headwinds like inflation and the Fed’s raising interest rates because their relatively cheap property prices attract bargain seekers, and houses are already priced low enough that there’s not much left to fall, Bokhari noted.
According to Redfin, nine of the top ten sites were in the Midwest or along the East Coast. The business has said that the current housing downturn is having the greatest impact on home markets in the bottom third of the nation, known as the Sun Belt.
There are still plenty of buyers searching for houses; many of them are folks who didn’t have a chance in last year’s tough market but are glad to see lower prices and fewer bidding battles, said Redfin realtor Ashley Azer, located in Chicago. They are prepared to buy property despite increasing interest rates since they now have a window of opportunity to get an offer approved.”
Redfin assessed metro regions based on median selling prices as well as year-over-year price decreases, pending sales, sale-to-list ratios, and the proportion of properties that were off the market within two weeks of listing to identify which housing markets had cooled the least.
According to the latest S&P CoreLogic Case-Shiller Index statistics, US house price growth slowed at its quickest annual pace on record for the 12 months ended in July, as The Washington Post reported earlier this week.
Monthly housing prices fell from June to July, and many analysts predict that prices will continue to decrease into next year.
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