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Myth or Fact? Which Housing Markets Are Impacted by Over Supply
Manage episode 357589187 series 3401282
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#realestate #housingmarket #homesales #inventorylevels #mortgagerates #oversupply #SanFrancisco #Phoenix #multifamilyunits #GoldmanSachs
Yahoo Finance reporter Dani Romero discusses the state of the U.S. housing market, focusing on which markets are most impacted by oversupply. Four of the largest 25 metro areas, including Austin, Seattle, San Francisco, and Phoenix, are dealing with oversupply. On the West Coast, San Francisco has seen home values drastically decline due to a pandemic-induced exodus of residents and the impact of tech layoffs. In Phoenix, home sales have cooled off due to higher mortgage rates, but Goldman Sachs expects the housing outlook to look less dire with a projected 6.1% fall in home prices as mortgage rates head toward 6.5%. However, the rental market may face challenges due to a big supply of multifamily units. While buyers who purchased prior to the pandemic will still see an increase in home prices over a three-year period, those who bought during the pandemic peak may face a decline in value.
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