Number of Trillion-Dollar Metros Doubles, Weekly Housing Trends Summary

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Weekly Housing Trends View—Data for Week Ending August 3, 2024 link

• Active listing growth slowed, with listings up only 3% year-over-year, marking a continued trend of cooling inventory. This indicates a potential shift toward a tighter housing market.

• Median home prices are up by 2.5% compared to last year, reflecting resilient buyer demand despite higher mortgage rates. The pace of price growth, however, has slowed significantly.

• New listings dropped by 17% year-over-year, signaling sellers' reluctance in the current high-rate environment. This decline contributes to the overall limited housing supply.

U.S. Housing Market Nears $50 Trillion in Value as Number of Trillion-Dollar Metros Doubles link

• The U.S. housing market is on the verge of crossing $50 trillion in value, driven by tight supply and steady demand. Home values increased by $3.1 trillion over the past year, marking a 6.6% year-over-year growth.

• The number of metro areas with a housing market value exceeding $1 trillion has doubled to eight, with Anaheim, Chicago, Phoenix, and Washington, DC, newly joining the list. San Diego and Seattle are likely to join soon if current trends continue.

• Millennials have seen a significant rise in home value ownership, up by 21.5% year-over-year to $8.6 trillion. In contrast, homes owned by the Silent Generation saw their value drop for the fifth straight quarter, declining by 1.6%.

Fannie Mae, Freddie Mac to Tighten Rules Amid Fraud Concerns link

• Fannie Mae and Freddie Mac are planning to tighten their mortgage underwriting rules to combat rising fraud cases. This move is expected to impact lenders and borrowers, potentially leading to stricter loan approvals.

• The tightening measures are a response to a significant increase in fraudulent activities in the mortgage market, including false income reporting and fake employment records. This rise in fraud poses risks not just to lenders but to the broader housing market stability.

• These changes will likely slow down the mortgage approval process, as more rigorous checks will be implemented. Borrowers may need to provide additional documentation and face longer waiting times for loan approvals, particularly in high-risk areas like major cities.

U.S. Home Prices Keep Soaring In Majority Of Opportunity Zones Despite Economic Slowdown link

• Home prices in nearly 60% of the designated Opportunity Zones continued to rise during Q2 2024, defying the broader economic slowdown. This marks a consistent trend of growth despite challenges in the wider real estate market.

• Median home prices increased year-over-year in nearly two-thirds of Opportunity Zones, with many regions showing double-digit gains. This indicates strong demand and investment in these areas.

• Regions like the Midwest and the South showed particularly strong growth, with some zones experiencing price hikes exceeding 20%. These areas are becoming increasingly attractive to both investors and homebuyers.

Here's who stock markets think will win the 2024 presidential election link

• The stock market currently indicates a belief that Donald Trump will win the 2024 presidential election, as reflected by the performance of certain sectors and stocks. Historically, markets tend to react positively to the prospect of a Republican victory.

• If Kamala Harris were to become the Democratic nominee, market confidence might drop due to her perceived less business-friendly policies. Investors generally view her as more likely to introduce regulations that could affect corporate profitability.

• Market trends have shown that investors are pricing in potential policy impacts of a Trump presidency, such as tax cuts or deregulation. This has led to rallies in sectors like energy and financials, which tend to benefit from Republican-led economic policies.

The ‘Texafornia’ Trend: Californians Are Still Fleeing to Texas—and These Other Surprising States link

• Californians are leaving the state primarily due to high home prices, with Texas being the top destination. In 2022, 102,000 Californians moved to Texas, with Texas offering more affordable homes at nearly half the median price of those in California.

• Other popular states for Californians include Arizona, Nevada, and Florida, driven by affordability and favorable weather conditions. Realtor.com data shows that 7.5% of home shoppers in Arizona and 7.4% in Nevada were Californians during the second quarter of 2024.

• Work-from-home policies have facilitated these relocations, allowing people to choose more affordable living situations. For example, Southern Californian Julie Johnson moved to Las Vegas and found better-paying jobs and cheaper rent, highlighting the broader trend of economic migration.

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That's all, folks.

Cheers,

Vidit

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