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.
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.
Keanu Reeves Set to Play Daniel Burnham in ‘The Devil in the White City’
Planning is going to get a new level of star power as a limited series adaptation of The Devil in the White City gets ready for television screens in 2024.
Opinion: Aging Population, Declining Fertility Requires Long-Term Investments
Faced with the dire consequences of a one-two punch of aging populations and declining birthrates, one writer has suggestions for how policy can help ensure a better future.
The Tide Has Turned Against Open Streets
Once a promising development for advocates pushing for a less car-centric future in cities, the open streets movement has ceded significant ground to cars since the height of the pandemic.
Jacksonville To Replace Monorail With Autonomous Shuttles
The city’s aging monorail system will be repurposed as part of an expanded 10-mile shuttle system.
Richmond Weighing How to End Parking Requirements
A series of town hall meetings will allow the public a chance to give feedback about zoning changes in Richmond, Virginia that would include the end of parking requirements.
Key Warehouse Centers Challenge Distribution Center Expansion
Communities near major e-commerce distribution centers are increasingly resisting new construction, citing air pollution and other public health impacts.
Sun City Center Community Association, Inc
City of Mesa
Town of Gilbert, Arizona
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.