"The market is at a standstill," Redfin CEO Glenn Kelman said on "The Claman Countdown" Tuesday. "Sales volume is absolutely rock bottom. The people who need to sell won't do it because they don't want to give up their mortgages. The people who normally would buy can't afford it."A recent Redfin report unveiled an increase in million-dollar homes, with nearly 1 in 10 US homes now valued at $1 million or more. With elevated home prices and struggling new home construction, there's a significant impact on average homebuyers looking to upsize. Kelman stressed the need for increased housing construction, as people seek homes in desirable cities despite hurdles like high prices and stringent regulations. This situation is particularly evident in Seattle, Denver, Portland, and Dallas. Despite the challenges, Kelman believes building more houses is crucial to navigating these obstacles and revitalizing the market.

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The US housing market has reached a record valuation of $47 trillion, surpassing the previous year's record of $46.6 trillion, due to a scarcity of homes boosting prices, according to Redfin. Tight inventory has propelled the market's value to a new peak, despite a $2.9 trillion decrease between June 2022 and February 2023 because of rising mortgage rates. The dominance of low fixed mortgage rates has kept homeowners from moving, creating a small pool of available homes and preventing a decline in values. About 90% of homeowners with mortgages have rates below 6%, resulting in minimal home sales and an annual 15% decrease in homes for sale. Los Angeles experienced a significant drop in aggregate home value, while home values in the $500,000 to $750,000 range rose 4.1%, and those between $2 million and $5 million dropped 7.4%. Suburban and rural areas fared better than urban ones, and millennials now hold a larger share of the market's valuation compared to the silent generation.

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he U.S. housing market has seen a decline in international buyers due to high mortgage rates, increasing home prices, low supply of homes, and a strong dollar, with purchases dropping by 14% from last year to 84,600 homes - the lowest since 2009. Despite buying fewer homes, overseas buyers paid more, with a median price of $396,400. The top countries for buyers were China, Mexico, Canada, India, and Colombia. Chinese buyers, who mostly purchased in California, paid the highest average price at $1.23 million. A rise in Chinese and Indian buyers was noted due to relaxed pandemic policies and strong GDP growth, respectively. While foreign sales have dropped, Chinese home purchases have significantly increased. Most Chinese buyers are leaning towards residency and citizenship, rather than investment. Foreign buyers, favoring Florida, California, and Texas, frequently use properties as vacation homes or rentals. The drop in foreign purchases is not expected to ease competition for domestic buyers as they represent just over 2% of all buyers, however, it could affect specific local markets. Current domestic buyers are more focused on rising mortgage rates and low home supply.

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Office-to-housing conversions are experiencing a surge in the housing market in 2023 as office vacancy rates remain high. Smaller, older properties in favorable locations are attractive to home investors for conversion projects, even though the process can be costly. Some state and local governments are taking steps to simplify and facilitate the conversion process. The COVID-19 pandemic has reshaped how and where people work, creating opportunities to transform underutilized office buildings into residential living spaces. According to a report by CBRE, 99 conversions are either underway or announced for 2023, compared to an average of 37-43 conversions in previous years. Although these conversions would remove a significant amount of office space from the market, the office vacancy rate is currently over 17%, nearing a 30-year high. Many conversions are taking place on the coasts and in the Northeast, particularly involving older office buildings. While office conversions can be time-consuming and expensive, they are considered a valuable investment if the right property is chosen. Some cities are recognizing conversions as part of the solution to the housing shortage and are streamlining the process through zoning changes and incentives. Converting office buildings into residential properties is viewed as a more environmentally-friendly alternative to demolition and construction from scratch, as it reduces time-to-market. While office conversions alone cannot fully address the housing supply shortfall, they represent an innovative approach to bridging the gap.

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The housing market supply for the past month dropped another 5%. Mortgage rates have reached a new high of 6.96% for a 30-year fixed-rate mortgage, making it increasingly difficult for buyers to afford homes. The lack of inventory is identified as the biggest hurdle, driving up prices and limiting choices for home buyers. Despite a slight decrease in home prices over the past few weeks, the decline has been slow, and the median home list price remains high. The ongoing tight inventory situation, caused in part by potential sellers holding onto their homes due to low mortgage rates, further contributes to the challenge of finding affordable homes.

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n the second half of 2023, the U.S. housing market is heavily influenced by mortgage rates, which have kept housing in a state of suspension in the first half. High rates have deterred potential buyers while existing homeowners with low mortgage rates are reluctant to sell and face higher borrowing costs for their next home. Despite high demand and falling home prices, the market remains relatively sluggish for this time of year. However, experts foresee mortgage rates dropping and a subsequent increase in homebuying as affordability improves. Although a full recovery to match the pace of 2022 is unlikely, stability in mortgage rates will aid homebuyers, and an uptick in inventory is expected in the latter half of the year. Homebuilding is also on the rise to address inventory shortages and weak home prices are projected throughout the summer, with potential stabilization in the fourth quarter. Overall, sales are anticipated to increase in the second half of 2023, setting the stage for steady improvement in the coming years. Today Javier Vidana discusses the current housing market and what the future means for you.

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In June 2023, homebuyers received some positive news as home prices decreased for the first time in six years. However, a new problem has emerged as the number of homes for sale has started to shrink, marking the first decline in over a year. This development sheds light on why home prices have remained high despite the drop. The decrease in inventory can be attributed to fewer newly listed homes, which have been declining for almost a year. Seller confidence has increased, but many homeowners are hesitant to sell due to higher mortgage rates, as they prefer to keep their low-rate mortgages. Consequently, the pace of home sales has slowed, with homes staying on the market longer compared to the previous year. The overall inventory is expected to continue declining throughout 2023, primarily due to a lack of existing-home sellers adapting to higher mortgage rates. However, there is a rise in interest and sales of new homes in certain regions, particularly in the Northeastern and Midwestern markets.

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According to a recent article, the US housing market's recent robust performance suggests that the country's economy may have successfully evaded a recession. Housing starts surged by nearly 22% in May, accompanied by a rise in building permits, indicating builders' confidence in demand. The historical correlation between housing market trends and the overall economy suggests that the housing sector often rebounds before the end of a recession and plays a leading role in economic recovery. The strong data on housing starts, which reached its highest percentage gain in three decades, supports the notion that the US economy is not only avoiding a recession but also exhibiting early expansion dynamics. Additional factors contributing to this positive outlook include sustained consumption strength, increasing real incomes, a likely halt to interest rate hikes by the Federal Reserve, improved supply chain conditions, and a pickup in manufacturing activity. Overall, the article emphasizes the optimism surrounding the US economy's current state.

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Housing Market Mortgage rates remain high, home sales — and in some areas, home prices as well — are hitting the brakes, and uncertainty is permeating the market. It’s no wonder many homeowners, prospective sellers, and hopeful buyers are feeling nervous. As of June 14, the average 30-year fixed mortgage rate stood at 6.86 percent. The Federal Reserve raised rates for 10 meetings in a row in an effort to curb inflation, before taking a pause at its recent June meeting. And sales of previously owned homes are down 23.2 percent since last spring, according to the National Association of Realtors' most recent existing-home sales report. Today we discuss what is happening in today's housing market and what has happened in past markets as we speak to Vince Mellinger who has owned 9 homes over the past 60-plus years.

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