The insanity of the housing market during the pandemic seems to have peaked in an increasing number of U.S. cities, according to recent data.
“U.S. cities that saw some of the biggest jumps in home prices during the pandemic now have the largest shares of price cuts,” reports Alex Tanzi for Bloomberg, using data published recently by Zillow.
More specifically, according to Tanzi:
Overall, the proportion of active real estate listings with lower prices has increased in all 50 of the largest U.S. metropolitan markets tracked by Zillow. In these cities, 11.5% of homes saw a price cut in May, on average, up from 8.2% a year earlier.
And:
Among the 50 metros in Zillow’s data, 32 had more than 10% of listings with a price decline. In eight cities, the share has jumped by at least 5 percentage points over the past year.
Edward Seiler, associate vice president of housing economics at the Mortgage Bankers Association is quoted in the article blaming the slowdown in housing prices on higher interest rates (and thus higher mortgage payments) and the already high cost of housing.
FULL STORY: Hottest US Housing Markets Now Have Bigger Share of Price Cuts
The ‘Lock-In Effect’ Keeping Home Prices High
Housing prices dropped slightly last year, but first-time and middle-income buyers found little price relief due to the “lock-in effect” of the historically low interest rates in effect for more than a decade prior to 2022.
The Consequences of 'Runaway' Housing Prices
There's been no shortage of discussion and debate about what's causing the price of homes in the United States to skyrocket at record rates, but less discussion of the consequences for housing market trends on the broader economy.
Tight For-Sale Market Leads to Record Price Spikes in the Rental Market
A supply-demand imbalance in the for-sale housing market will eventually spill into the rental market.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).
The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.
Albuquerque’s Microtransit: A Planner’s Answer to Food Access Gaps
New microtransit vans in Albuquerque aim to close food access gaps by linking low-income areas to grocery stores, cutting travel times by 30 percent and offering planners a scalable model for equity-focused transit.
This City Will Pay You to Meet Your Neighbors
A North Kansas City grant program offers up to $400 for residents to throw neighborhood block parties.
Commentary: Our Silence Will Not Protect Us
Keeping our heads down and our language inoffensive is not the right response to the times we’re in. Solidarity and courage is.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)