Housing starts surged today reflecting new home sales that surged late last year. Surprised economists seem to have forgotten that starts follow sales.
Some of that surge may have been hurricane related.
Regardless, rising interest rates will at some point take a big bite out of sales. Home prices are not affordable, and rising rates make them even less affordable.
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A 30 year fixed averages around 4.5%. I can remember when i payed 11% for a mortgage. Then when I refied i though I had a deal at 8% fixed. With 4.5% people bitch? They have no idea what we had to pay years ago. The problem is things have been to good for to long. Grocery stores are full, wait until they look like the other socialist countries. Then start bitching.
Prices in the NYC area and eastern Massachusetts have risen at the fastest rate in history from 2013. G
Sellers getting multiple bids at least 10% over full asking price is the new normal
Rising interest rates should eventually take a bite out of home prices & other assets. Economic conditions that simultaneously create high interest rates and high prices don’t last very long. Usually, the two metrics move in opposite directions.
“Regardless, rising interest rates will at some point take a big bite out of sales. Home prices are not affordable, and rising rates make them even less affordable.”
At which point prices will decline to affordable levels especially if the government stays out of the marketplace. Where do you think house prices would be if the lending conditions of the late 90’s returned (i.e., lenders lent as if it was their own money)? However, the PTB do not want affordable housing.