'We've now been in the post-pandemic housing market recession market as long as we were in the pandemic boom. Two and a half years. As we look into 2025, the question everyone is asking is: Do we have a new era starting? Does the housing market start to get back to normal?' This reflection underscores a critical point about the ongoing shifts in the housing landscape and what might signify a return to pre-pandemic conditions.'
'The MBA's mortgage applications data has been surprisingly strong. Our home price data is still trending higher than last year. Home prices nationally are up 5% over last year. That's normal. But the market change isn't evenly distributed.' This highlights the complexities and variations happening across different regions in the housing market despite an overall increase in prices.'
'It's now only 17% fewer homes on the market than at the end of 2019. We use 2019 as a proxy for normal times before the pandemic craziness hit.' This perspective illustrates how recent inventory levels compare historically, shedding light on market adjustments following pandemic-related trends.'
'During the 2010s, interest rates were very low for basically the whole decade and that encouraged Americans to buy and hoard real estate. Inventory shrank every year for most of the decade.' This insight emphasizes the long-term impacts of interest rates on housing inventory and purchasing behaviors prior to the pandemic disruptions.'
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