Seven Charts Highlight the Strangeness of the Housing Market

The unique conditions created during the last few years have upended the U.S. housing market and led to some unusual trends.

1 minute read

October 12, 2022, 6:00 AM PDT

By Diana Ionescu @aworkoffiction

For sale sign with SOLD sign pasted over it in front of white suburban house

Andy Dean Photography / Home for sale

Reporting for Bloomberg, Tracy Alloway and Joe Weisenthal examine the weirdness in today’s unprecedented housing market.

“Yes, mortgage rates have shot up, crimping affordability. But at the same time, unlike in the era prior to 2008 and the bursting of the subprime mortgage bubble, there are very few forced sellers and therefore very little inventory.” This leaves experts with little previous experience to draw on. “A lot of these statistics that we use to forecast things like housing activity, and by that we mean home sales or housing starts as well as home prices, are at levels that we either haven't seen before, or if we've seen them, we haven't seen them for decades,” said James Egan, Morgan Stanley’s US housing strategist.

The authors include seven charts that illustrate the strange conditions making today’s housing market the most unusual in recent memory. For example, “The jump in home prices combined with increasing mortgage rates means that housing affordability is now deteriorating at an unprecedented pace, especially when compared to average income.” Meanwhile, “That homeowners who were lucky enough to secure lower rates don’t have much reason to sell into an environment of higher mortgage rates and softening prices, helps create a ‘lock-in’ effect as existing homeowners refuse to put their houses on the market.”

Monday, October 10, 2022 in Bloomberg News

stack of books

Planetizen’s Top Planning Books of 2023

The world is changing, and planning with it.

November 24, 2023 - Planetizen Team

Close-up of 'Red Line Subway Entry' sign with Braille below and train logo above text in Chicago, Illinois.

Chicago Red Line Extension Could Transform the South Side

The city’s transit agency is undertaking its biggest expansion ever to finally bring rail to the South Side.

November 24, 2023 - The Architect's Newspaper

Diagram of visibility at urban intersection.

How ‘Daylighting’ Intersections Can Save Lives

Eliminating visual obstructions can make intersections safer for all users.

November 27, 2023 - Strong Towns

Bus passengers boarding an orange Los Angeles Metro bus on Sunset Boulevard.

LA Pledges to Add Thousands of New Bus Stop Shelters

The city’s bus riders will finally get some relief from sun and rain.

November 30 - Urbanize Los Angeles

Green Paris Texas city limit sign with population.

How Paris, Texas Became a ‘Unicorn’ for Rural Transit

A robust coalition of advocates in the town of 25,000 brought together the funding and resources to launch a popular bus service that some residents see as a mobility lifeline—and a social club.

November 30 - Texas Monthly

Red San Diego Trolley light rail train at station with passengers walking on platform and Spanish-style dome building in background.

San Diego Trolley Nation’s Most Popular Light Rail

The system's ridership benefited from an extension project and free transit for youth.

November 30 - Axios

News from HUD User

HUD's Office of Policy Development and Research

New Updates on PD&R Edge

HUD's Office of Policy Development and Research

"Rethinking Commuter Rail" podcast & Intercity Bus E-News

Chaddick Institute at DePaul University

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.