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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Prices are still up year over year.
And the highest is Miami, where prices were up 12 percent in January from a year ago.
They were up 9.3 percent in Orlando.
They were up 8.3 percent in Buffalo, New York.
So the difference between the cities with the biggest price gains year over year and the cities with the biggest price declines is pretty significant.
So the prices are diverging in different parts of the country, which in some ways is a return to normal.
Typically, different regions of the U.S.
have different patterns in their housing markets, and there are some regions that are strong and others that are less so.
What we saw during the pandemic was that basically every single part of the country, prices were soaring.
It was a very widespread housing boom.
And so now that there's a big slowdown in the housing market, it's kind of hit these Western cities first and particularly hard in the West were already some of the most expensive in the country.
And so there's really been an affordability crunch for homebuyers there now that interest rates are higher.
And also a lot of these cities did see big price gains during the pandemic as a lot of people moved into some of these places like Phoenix or Las Vegas.
And that made prices there more unaffordable.
And now prices are declining as demand has dropped.
So in general, it is not out of the norm that different parts of the U.S., their housing markets are behaving slightly differently.
But analysts and economists I've spoken to say they've never seen like quite this type of east-west divide where there's really this line down the center of the country.
So that is a little bit of an unusual pattern.
It is unprecedented.
And in general, in the housing market right now, there isn't necessarily a playbook that interest rates over the past year rose so quickly and much faster than interest rates have risen in the past.
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