Per Business Insider

The prices of US homes have way exceeded pre-pandemic levels, now at 44% higher. The data was revealed by Redfin, showing a massive difference in price from January 2020 until recently.

In January 2020, median home prices were $290,264 before the pandemic. Now, prices have reached $419,103.

Here are some of the reasons highlighted

Low Inventory
High mortgage rates
Lack of willing homeowners to move off cheap borrowing costs

Another Redfin reported how pre-pandemic available home-for-sale numbers were 39% higher than the number of listings today. Mortgage Banker's Association's associate vice president for housing economics Edward Seiler gave a statement to Insider regarding the housing market.

Seiler: "For new home buyers, this is the worst situation since the end of the Great Recession... Current homeowners that were lucky enough to get a 2.75% interest rate in 2022 are in a great position, but for new home buyers looking to buy a first home, or those looking to move to another home, it's a very daunting proposition."

Recently, it was reported that there were two real estate agents for every home for sale. It was also reported that sales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009.

See flow at unusualwhales.com/flow.

Other News:

Resources:

Business Insider