A new monthly survey of real estate agents in 40 U.S. metros reveals enduring trends and some surprises ahead in American housing markets.
Some common themes among agents' expectations included the continuation of housing's affordability crisis and a lack of supply. Interestingly, some agents believe that housing is rebounding, or at least will rebound by spring 2019. MarketWatch compiled some of the most noteworthy survey responses for each metro studied:
Atlanta: “Sellers waiting until 2019 to list their homes” “Increase in buyers relocating to Atlanta”
Boston: “Rising interest rates, but lower prices” “Buyers looking to purchase ahead of rate increases”
Chicago: “Holiday season, higher interest rates and property taxes, general uncertainty impacting buyers”
Denver: “With the elections over, there is a light at the end of the tunnel”
New York: “Uncertainty surrounding the midterm election and stock market fluctuations”
San Diego: "Entering a market correction”
The sharp downturn in the U.S. housing market over the past few months wasn’t much of a surprise, given how out of whack the market had become. The bigger question now for anyone interested in housing is: what next?
Some [takeaways] are curious — what does the Las Vegas agent who referenced “web traffic” mean? — while some are potentially more sinister: Can “too many new homes” in Houston really be a thing?