Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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Appearances
And that's because even though demand has fallen, supply has fallen as well.
When housing becomes less affordable, that really hits that first-time homebuyer because they can't benefit from the increase in home prices in the last few years.
They don't have a home to sell where they can get that equity and roll that into the next purchase.
And so they really have to rely on their savings or maybe on help from family and friends for a down payment.
And so this has been a difficult time for first time buyers.
A lot of them have been sidelined.
They're just waiting to see what happens, waiting to get into the market.
So next year, affordability could improve if mortgage rates come down or if given how low the volume of home sales have been.
If prices start to tick lower, that could also make it a little bit easier for first-time buyers.
But economists don't expect that affordability is going to go back to the levels it was just a few years ago.
In 2020, it was much more affordable to purchase a home because mortgage rates were much lower.
And they don't really expect that environment to come back anytime soon.
And so it's still going to be a challenging market for first-time buyers.
Thank you for having me.
Yeah, so there's really almost a line right down the center of the country.
And so when we look at the 50 biggest metro areas in the U.S., basically all of the ones in the Mountain West, on the West Coast, and then also Austin, Texas, are down year over year in terms of home prices.
This is January data from Black Knight.
And so we have San Francisco and San Jose prices are down more than 10% in each of those cities and Seattle prices are down 7.5%.
And then in all of the major metro areas in the Midwest, Southeast, Northeast, and also the big cities in Texas besides Austin.
Those are all in January.
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