Checking In On US Housing
Where I Live Is The Worst Place To Be If You Want To Buy A House
Programming note: I’m on vacation for the next week, so posts may be even shorter than normal. I’m aiming to still post every morning, but we’ll see how that goes.
Regular readers know that I obsessively watch housing market trends, mostly because I would like to buy a house someday (also because housing is a bellwether for the US economy, but mostly for selfish reasons).
Lance Lambert at ResiClub has a good post summarizing the current state of the US housing market. There is nothing notably different than what I wrote here, here, and here, but I like to frequently check in on the trends.
To put it simply, we are moving from a housing market characterized by few houses for sale (which means more power for sellers relative to buyers) to one that looks more balanced (more like things were pre-pandemic). This is the aggregate picture, however; it varies state by state, with some places leaning far towards buyer power while others are still characterized by low inventory of houses for sale (especially Connecticut, where I live).
Housing inventory is moving out of the pandemic pandemonium range and back towards something more normal:
But this varies widely by state:
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