This Is What A Housing Recession Looks Like
A report from the Sun Sentinel. "In South Florida, there was an increase of more than 57,000 jobs in 2018 than a year earlier. At the same time, unemployment is lower than it has been in over a decade, according to the state’s final monthly unemployment and job creation report for 2018."
"'The last time we saw that was at the peak of the housing bubble — that’s pretty remarkable,' said Sean Snaith, economist at University of Central Florida in Orlando. 'There’s solid job growth. This long into the [economic] recovery … to continue this momentum is pretty impressive.'"
From Wink News in Florida. "Scenic high rises and new homes are popping up all across Southwest Florida. But, fewer people are buying residential property. New data shows plummeting housing sales in Southwest Florida. Florida Realtor shows lower closed sales between December 2017 to 2018. In Lee County, closed sales are down 15 percent, 14 percent in Charlotte County and 2 percent in Collier County."
"'End of last year it was very slow,' said Mike Lombardo, a real estate broker. 'We’ve seen that reflected in you know, home prices being dropped, you know 14 percent, 15 percent, in some places.'"
"Lombardo and Shelton Weeks, the Florida Gulf Coast University chair of the Dept.of Economics, said it is too early to worry. 'This is what a normal recession looks like, a housing recession,' Lombardo said. 'Hopefully it will pan itself out again in spring or summer.'"
"'I wouldn’t panic yet,' Weeks said. However, Weeks said if this declining trend continues into a recession, property values could drop and taxes would follow."
From KJZZ on Arizona. "Home sales have been flattening nationwide over the last year. And that means home prices are also falling and sellers are slow to adjust. Zillow reports a 7.6 percent home price appreciation for Maricopa County during 2017. That gain is less than anticipated by Valley home sellers, who are just now noticing that prices are flattening."
"Nate Martinez is a real estate agent with RE/MAX. He says while sales are still strong in the Valley, some sellers are pricing homes too high as the local market starts to level off. 'And I’ve studied several different cities, mostly in Glendale and Peoria. Both of those cities, for several months in a row now, each month we’re seeing at least 50 percent of the inventory obtain a price reduction,' said Martinez."
From The Coloradoan. "Timnath home prices, already the highest in Northern Colorado, will bump along with a 1 percent increase, bringing the average to $617,000 after falling 1.5 percent in 2018, Group President Brandon Wells said. Both Windsor and Timnath, typically among the priciest towns, are seeing an influx of lower-priced homes."
"Windsor-Severance's average home price dropped 3 percent last year. 'We are seeing a lot of new construction at lower price points ... which is pulling the average sales price down,' Wells said."
"In the under-$400,000 market, Fort Collins has a 1.4-month supply, which means it would take just over a month to sell all the homes on the market right now. That puts sellers in the driver's seat. The $400,000-to-$700,000 market has 2.6 months of inventory, while the over-$700,000 market is a buyers' market with a nine-month supply."
From The Olympian in Washington. "The Thurston County housing market had another red-hot year in 2018, with more than 5,000 single-family homes exchanging hands, according to the Northwest Multiple Listing Service."
"But 2018 wasn’t as strong as 2017 — the best year on record for the county — because the market slowed toward the end of year. The market still favors sellers because of low inventory levels, but slowly the market is beginning to shift. Windermere Olympia owner Steve Garrett said the 'feeding frenzy,' which was characterized by sharply escalating prices and multiple offers on homes, is over. 'The market is settling down,' he said. 'There is more inventory and more options for buyers out there.'"