Tag Archives: Home Price Declines

Potential first-time homebuyers looking to shift from renting to homeownership in 2023 are facing mortgage rates that are nearly 4 percentage points higher than the low point in Q4 2020, limiting their purchasing power. In a new analysis, First American Economist Ksenia Potapov revealed the costs of renting against the costs of owning a home.

Due to a plunge in home prices in the popular Bay Area metro, San Francisco homeowners were most likely to lose money when selling their home. According to a new Redfin report, the typical San Franciscan seller who took a loss sold their home for $100,000 less than they bought it for.

CoreLogic economists attribute June’s small bump in price growth to an economic rebound, a boost in the jobs market, and strong consumer spending.

Selma Hepp, Chief Economist for CoreLogic, said, “Elevated mortgage rates and high home prices are putting pressure on potential buyers. These dynamics are cooling recent month-over-month home price growth.”

"We are starting to see some patterns that show where the U.S. housing market is cooling off and how it's hitting homeowners based on some key metrics. It looks so far—and it's important to stress, so far—to be having more impact in places with the highest housing costs and less impact elsewhere," said Rob Barber, CEO at ATTOM.

The S&P Dow Jones Indices has released its latest S&P CoreLogic Case-Shiller Indices, which found that in January 2023 the trend of declining home price gains continued across the United States as major cities.

"With the U.S. housing market cooling off considerably since the middle of last year, some areas of the country continue to show signs of being more at risk of a larger downturn than others,” said Rob Barber, CEO at ATTOM.

“A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years,” National Association of Realtors Chief Economist Lawrence Yun said.

”The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp CoreLogic’s Interim Lead, Deputy Chief Economist.

A new Zillow survey of 107 housing market experts and economists found one common thread where all respondents agreed: sellers will relinquish the recent control they have had ...