The once-overheated housing market continues to cool as rising interest rates reduce demand.
After years of sharply rising prices, the U.S. housing market is seeing a reversal as costs drop and demand slows. As Lizzie Kane reports for Bloomberg, “A measure of prices in 20 large US cities in August fell 1.3% on a month-over-month basis, the most since March 2009, according to the S&P CoreLogic Case-Shiller index.”
According to Kane, “While prices are still up year-over-year, they’re slowing at a record pace. A national measure of prices increased 13% in August from a year earlier, down from a 15.6% gain in July, the biggest deceleration in the history of the index.”
Demand continues to slow, too. “Sales of existing homes fell for an eighth straight month in September, according to National Association of Realtors data, while new home construction also dropped in September, according to recent government data.” Meanwhile, new home construction has slowed as builders cancel deals to adjust to the slowdown.
FULL STORY: Housing Market Hits Brakes as US Prices Fall Most Since 2009
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Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
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North Texas Transit Leaders Tout Benefits of TOD for Growing Region
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Washington State Plans Ambitious ‘Cycle Highway’ Network
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Homeowners Blame PG&E for Delays in ADU Permits
The utility says it has dramatically reduced its backlog, but applicants say they still face months-long delays for approvals for new electrical work.
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Post-fire analysis of the Eaton Fire reveals that a landscape approach — including fire-resistant vegetation, home hardening, and strategic planning — can help reduce wildfire risk, challenging assumptions that trees and plants are primary fire hazards.
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