A Warning For The 2023 Housing Market
Published: 2023-02-24
Status:
Available
|
Analyzed
Published: 2023-02-24
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
US housing prices are experiencing month-over-month declines for the first time since 2012.
"month over month prices are falling for the first time since 2012."
Pending
Idaho is the sole US state with a year-over-year decline in housing prices, while most other locations see a 0.4% month-over-month decrease.
"Idaho is the only state to post a year-over-year decline in prices with just about every other location posting an average month-over-month decline of 0.4 percent"
Pending
Approximately half of US housing markets are expected to offer discounted prices compared to the previous year.
"the National Association of Realtors said that markets in roughly half the country are likely to offer potential buyers discounted prices compared to last year"
Pending
San Francisco housing prices have fallen 14% from their peak.
"San Francisco has already seen a 14 price drop from the peak"
Pending
Seattle housing prices have fallen 13%.
"Seattle's Fallen 13 percent"
Pending
San Diego housing prices have fallen 10%.
"San Diego is down 10 percent"
Pending
Housing prices in Phoenix and Denver have declined by 8%.
"Phoenix Denver is tied for eight percent"
Pending
Meritage Homes experienced a 46% drop in sales volume in the fourth quarter.
"sales volume for Meritage Homes dropped 46 in Q4"
Pending
Meritage Homes' sales volume, measured in dollars, decreased by 52%.
"sales volume in terms of dollars was down by 52 percent"
Pending
Meritage Homes has seen 39% of customer contracts canceled.
"customers have already canceled 39 of their contracts"
Pending
The average sale price for Meritage Homes has decreased by 20%.
"the average sale price has fallen by 20"
Pending
Ribbon Homes is holding 400 properties that they are likely to sell at a loss.
"ribbon homes left with 400 homes that they'll likely need to take a loss on"
Pending
Orchard Technologies is holding 200 homes due to their guarantee to buy unsold customer properties within four months.
"Orchard Technologies who guaranteed that they'd buy their customers home if it didn't sell within four months and now they're sitting on 200 homes"
Pending
OpenDoor reported a loss of nearly $1 billion in Q4 2022.
"Open Door the eye buyer that would give you a guaranteed cash offer within 24 to 72 hours with flexible terms before fixing it up and flipping it but in Q4 of 2022 they reported a loss of almost a billion dollars"
Pending
Over 50% of OpenDoor's inventory in Denver, Colorado, sold for less than their purchase price.
"in Denver Colorado more than half of their inventory sold for less than what they paid"
Pending
US rental price growth is at its slowest in nearly two years.
"prices rising at the slowest Pace in almost two years"
Pending
Rents in areas like Phoenix have decreased by up to 6.7%.
"rents falling as much as 6.7 percent in areas like Phoenix"
Pending
Short-term rental listings (Airbnb and similar) in Phoenix have more than quadrupled, increasing from 5,000 to 21,000.
"Airbnb and brbl listings in Phoenix more than quadrupled growing from five thousand to twenty one thousand"
Pending
Goldman Sachs forecasts a 2.6% decline in national home prices in 2023, with a total peak-to-trough decrease of 6%.
"Goldman Sachs expects National home prices to decline just 2.6 percent in 2023 with a total Peak to trough decline of only six percent"
Pending
CoreLogic predicts a 2.8% increase in home prices for the current year.
"CoreLogic even believes that home prices would rise this year by 2.8 percent"
Pending
The commercial office space market remains highly competitive.
"it is still insanely competitive"
Pending
Real estate prices will need to decrease to offer a yield that justifies the associated time and risk.
"prices will have to fall accordingly so that real estate offers a yield that compensates for the additional time and risk"
Pending
A significant amount of unfinished construction across the US is expected to lead to a softening of rental prices.
"I'm seeing a lot of Unfinished construction throughout the United States and I think that should begin to soften rental prices"
Pending