Buyers Continued Stepping Down In Price And Stepping Back From Resale Homes
A report from Bloomberg. "Home sales in the U.S. slumped in December, while prices inched up slightly, marking the smallest annual increase since the end of the last housing crash in 2012, according to data from brokerage Redfin. Previously hot metropolitan areas are cooling fast. Prices dropped 7.3 percent in San Jose, California."
"'It was like hitting the brakes when you’re going over the speed limit,' Redfin Chief Economist Daryl Fairweather said of the slowdown. 'You can’t have prices growing faster than wages year after year.'"
From the Denver Post in Colorado. "Metro Denver’s housing market saw sales slide and prices continue to rise last year, and that pattern dominated across much of the state, according to a monthly update from the Colorado Association of Realtors. Colorado Springs and El Paso County, the next biggest housing market after metro Denver, suffered a 5.5-percent drop in single-family sales and an 8.6-percent decline in condo and townhome sales last year compared to 2017, according to the CAR report."
"'2018 proved to be a very difficult year for the industry,' said Colorado Springs Realtor Patrick Muldoon. 'Many of us found it to be frustrating to figure out how buyers’ and sellers’ moods were swinging at any given time.'"
"'Interest rates bumped up again in late summer and buyers continued stepping down in price and stepping back from resale homes,' noted Fort Collins Realtor Chris Hardy."
From Fox 10 Phoenix in Arizona. "If you are hoping to become a homeowner, but are waiting for prices to fall in the Valley, you might be waiting a while. Interest rates, confidence, and inflation all factor into the housing market, and 2019 could see a leveling off or plateau of housing prices. Realtors, however, are not panicking."
"'The housing market is softening a little bit,' says realtor George Laughton. 'It's still continuing to be a seller's market, but buyer's are coming up with a little bit of an advantage than they used to have.'"
"He says they've been spoiled lately. 'We've seen a great appreciating market over the last seven, eight years, and we've gotten used to that six, seven, eight percent appreciation over the years,' Laughton says. 'This year's going to look a little different.'"
"Despite the slowdown, nobody is talking crash. At least not now. 'I assure you the sky is not falling,' Laughton says. '2019 will not be a crash. At least by the numbers we look at.'"
From WFAA in Texas. "Developer HALL Group received approval from Frisco's planning commission to not only add 2,000 residential units to HALL Park, but to build towers more than 25-floors tall on the eastern side of the project — though final approvals must go through the city council, according to a report from the Dallas Morning News."
"'We believe if we don't add a live-work-play mixed-use we are going to be a declining asset, which is not good for the city, not in our interest and not in our neighbors' interest,' Craig Hall, chairman and founder of HALL Group, told city planners."
From KPIX in California. "Governor Gavin Newsom appeared to be emotionally touched Tuesday during a housing roundtable discussion in San Jose. Governor Newsom was meeting with Mayor Sam Liccardo of San Jose and five middle-class workers who are struggling with the high cost of living."
"One of the participants, Nuemi Guzman broke down in tears describing how she and her husband see little of their 3 children during the week because they commute from Los Banos to Silicon Valley for jobs."
"The Guzman family is considering ditching California. 'I bought a house, how can I complain? But I don’t see my children. Can’t take them to basketball or soccer. I’m sorry I get so emotional. So I guess it’s Arizona here we come,' Guzman said. "