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HousingWire Daily
Mike Simonsen on addressing the housing affordability crisis
Jan 23, 2025
Mike Simonsen, President of Altos Research, dives into the pressing housing affordability crisis. He discusses the significant drop in home sales linked to soaring mortgage rates and how this challenges buyers as spring approaches. Simonsen sheds light on regional market trends and inventory changes, particularly in Buffalo. He also highlights the broader implications of recent policies on housing supply and prices, urging listeners to consider how these dynamics will shape the future of home buying.
26:01
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Quick takeaways
- Current high mortgage rates above 7% are stalling home sales, indicating a significant decline in market activity compared to last year.
- The housing affordability crisis is prompting buyers to seek cheaper homes, revealing deep economic pressures affecting purchasing decisions.
Deep dives
Current Home Sales Trends
Current home sales are experiencing a significant decline, with pending sales data indicating a 10% decrease compared to the previous year. This trend began around the holidays and has continued into January, signaling a troubling pattern for the housing market. High mortgage rates, currently above 7%, are contributing to this drop, as sellers are hesitant to enter a slowing market. Although there was initial optimism for increased sales as rates decreased in the fourth quarter of last year, that momentum has since dissipated.
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