Housing costs are growing at a slower rate than in recent years, but experts say significant home price reductions won’t happen in the short term.
Home sale prices and rents are starting to stabilize in markets around the country, prompting both concerns about a potential recession and optimism about lower housing costs.
According to an article by Jared Brey in Governing, “Prices still aren’t dropping in most places, but they’ve begun growing more slowly. Mortgage rates, which have been holding steady at a relatively high 6.5-7.5 percent over the last few years, have recently dropped to closer to 6 percent. Rents even fell slightly in a few big cities that saw a spike in apartment construction in recent years.”
Experts believe that prices will remain high in the short term due to high construction costs, a limited supply, high interest rates, and competition from corporate buyers. However, an anticipated record low rate of household formation and lower birth rates could lead to lower housing costs in the long term.
FULL STORY: Housing Prices Show Signs of Slowing. Will It Last?
Only Two US Metro Areas Are Affordable for Homebuyers
Northeast Ohio is the last remaining bastion of housing affordability, according to an analysis from the National Association of Realtors.
Opinion: Federal Policies That Could Ease the Housing Deficit
The president of Habitat for Humanity has some suggestions for U.S. lawmakers.
Housing Affordability Crisis Spreading to More Cities
Cities like Spokane, Washington courted new residents and businesses during the pandemic. Now, they're starting to wonder if it was worth it.
The state-sanctioned urbicide of Austin
People don’t kill cities. Freeways do.
US to reduce Colorado River water deliveries to Mexico
A new Colorado Treaty amendment reduces Mexico’s Colorado River water allocation by 250,000 acre feet.
New Jersey’s second-largest city bans standalone data centers
Jersey City will continue to allow co-location facilities, such as those meant for research institutions that store their own data.
Amtrak not solely to blame for New Jersey commuter rail's unreliability, report finds
A new study from the Garden State Initiative found that NJ Transit’s budget grew 20% across a 4 year period, but reliability declined significantly over the same period.
EPA erases limits on planet-warming pollution from power plants
Under Monday’s plan, power plants would still have some limits on how much mercury, arsenic and other contaminants they can emit.
Phoenix announces new on-demand transit service, more frequent RAPID buses
Both new services will launch in October, and are part of Phoenix's Project Effective Access Solutions for Easing Congestion.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
Eagle County Government
Harvard University Graduate School of Design
Nashville Planning Department
The Architects Foundation
University of Cincinnati Online
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello
Journal of the American Planning Association