Home Forums Hunting & Shooting Hunter's Campfire House prices fell for the first time in 11 years in February

of course, that is in nominal dollars. Subtract another 10% for inflation. I'm looking for bargains, not finding any yet, still early.

https://www.thestreet.com/housing/what-were-february-home-sales-like

For the first time since February 2012, the median price of homes sold in the U.S. actually went down. According to the National Association of Realtors (NAR)’s monthly report, February’s $363,000 number is only a 0.2% from a year ago but breaks an upward streak of 11 years or 131 consecutive months.

This all comes at a shaky moment in the housing market’s history. As years of rising prices may be start to see much-anticipated market correction, the number of previously-owned homes rose 14.5% between January and February but, at 4.58 million units, is still down 22.5% from 2022.

Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” NAR Chief Economist Lawrence Yun said in a statement. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”
Suburbs Lead KL


While different regions of the U.S. usually see fluctuating numbers, all posted gains from January to February and year-over-year declines — the biggest drop was in the West at 28.3%.

A key reason for such declines have to with the fact that many home buyers are feeling pushed out by high mortgage rates and unaffordable prices. When rates dropped sharply at the end of December, many moved to buy quickly and closed by February.

Even though inventory is up 15.3% at 980,000 total units, unsold homes are still at just a 2.6-month supply and down 10.3% from the previous month.

While homes are not flying off the shelves as fast (the average one was up for 34 days in February compared to 18 at the same time in 2022), there are still multiple buyers for homes in many popular locations.

“Inventory levels are still at historic lows," Yun said. "Consequently, multiple offers are returning on a good number of properties.”

Another sign of low affordability is that the number of first-time buyers has dropped to 27% while all-cash sales rose to 28% from 25% year-over-year.

The economy and stock market and banks are doing great.

The price of homes tripling in 10 years isn’t a sign of a healthy economy.

It needed slowed. Drastically.

Dont you even stock market bro?

Haven't really seen price decrease reflected locally, yet. Gone are the days of listing on Monday and accepting offers for 48 hours though.

See more multifamily new construction than single family going up. Guys I know with their own business in trades aren't booked into next year any more. Slowing down for sure.

Jag,the bank bailed out by Biden,SVB, had huge Chinese tech investor's money.

China-Joe saved the Chicomms,again.

Multi-family is going up gang-busters, capitalizing on the high rents. Lots more bang for the buck to put up an apartment complex than a McMansion. For some reason everyone is focused on single home inventory, but the build out is in apartments right now. At some point this will effect rents, which in turn will effect single family homes.

I see this as the point where the housing boom is over and transitioning into a fairly protracted period of nominally stable housing prices, meaning inflation will slowly decrease housing stock.

Single family homes virtually never drop in prices (2008/9 the noted exception that confirms the rule), but they tend to stagnate for longer periods between runups.

Folks are still paying ridiculous prices local cabin with many flaws and 9 acre just sold for $489k.3 years ago it was listed at $289k and never sold.

LET'S GO BRANDON!!!!!!!!!!