The once-overheated housing market continues to cool as rising interest rates reduce demand.
After years of sharply rising prices, the U.S. housing market is seeing a reversal as costs drop and demand slows. As Lizzie Kane reports for Bloomberg, “A measure of prices in 20 large US cities in August fell 1.3% on a month-over-month basis, the most since March 2009, according to the S&P CoreLogic Case-Shiller index.”
According to Kane, “While prices are still up year-over-year, they’re slowing at a record pace. A national measure of prices increased 13% in August from a year earlier, down from a 15.6% gain in July, the biggest deceleration in the history of the index.”
Demand continues to slow, too. “Sales of existing homes fell for an eighth straight month in September, according to National Association of Realtors data, while new home construction also dropped in September, according to recent government data.” Meanwhile, new home construction has slowed as builders cancel deals to adjust to the slowdown.
FULL STORY: Housing Market Hits Brakes as US Prices Fall Most Since 2009
Austin Metro Home Sales Slow Dramatically
After a whirlwind of rising costs and sharply spiking demand for housing in smaller cities, the housing market is cooling down to pre-pandemic levels.
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.
Ultra-Competitive Housing Market Shows No Signs of Slowing
Home prices in the Puget Sound region continue to skyrocket as buyers engage in intense bidding wars and demand continues to outpace supply.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.
Driving Equity and Clean Air: California Invests in Greener School Transportation
California has awarded $500 million to fund 1,000 zero-emission school buses and chargers for educational agencies as part of its effort to reduce pollution, improve student health, and accelerate the transition to clean transportation.
Congress Moves to End Reconnecting Communities and Related Grants
The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.
From Throughway to Public Space: Taking Back the American Street
How the Covid-19 pandemic taught us new ways to reclaim city streets from cars.
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