HousingWire Daily
Daryl Fairweather on long-term trends affecting housing
Apr 2, 2024
Daryl Fairweather, Chief economist at Redfin, discusses long-term housing trends including home prices, climate risks, demographics. Topics include impact on Boston and Florida markets, climate change effects, economic factors, real estate negotiation, buyer behavior changes.
26:41
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Quick takeaways
- Limited supply drives high home prices despite mortgage rates.
- Climate risks impact real estate market preferences and affordability.
Deep dives
Housing Market Trends: Home Prices and Limited Supply
Despite high mortgage rates, home prices continue to rise due to limited supply in the housing market. Owners with record-low mortgage rates are reluctant to sell, leading to a shortage of homes for sale. New construction attempts to bridge the gap, but it is insufficient to meet the demand, especially in areas like Boston, highlighting the need for more political will and changes in zoning laws.
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