Price-wise, we are back to where we were at the end of 2021, so the data above should still be in the ballpark. Glad to see that San Diego isn’t considered as wildly overvalued – it’s expensive here and people can afford it, apparently.
I like that the J.P. Morgan guys who wrote this article are focused on the individual metros! The more affluent areas will keep losing population to the more affordable towns, and the balance will be determined by how many rich people move here. Could it balance out nicely?
An excerpt:
The end of the U.S. housing market’s pandemic-induced volatility seems in sight.
A recent and telling stabilization of single-family home sales—surprising in the face of high mortgage rates—has us expecting prices to finish bottoming out across the nation by the end of this year or in early 2024.
By the second half of 2024, we believe, the national housing market will return to a pre-pandemic historical norm in which residential home prices climb slowly and steadily, keeping modestly ahead of the rate of inflation.
However, we also expect each city’s path back to normalcy to be very different.
Cities are on very different paths back to normal
Last fall, as the housing market was cooling, we said that national statistics, while informative, would fail to tell the whole story. We expected cities to experience widely differing drops in home prices based in large part on how overheated their particular housing markets were at the start of 2022, before interest rates rose.
Subsequent home price drops have been dispersed, and in the general direction we anticipated.
Link to Article by JPMorgan Chase
