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HousingWire Daily
Logan Mohtashami on how many homes will take price cuts this spring
Jan 11, 2024
Lead Analyst Logan Mohtashami discusses the forecasted decrease in price cut percentages this spring, the dynamics between house prices, price cuts, and demand in the housing market, the abnormal inventory cycle after 2020, the variation in price cuts and home prices across different markets, and the potential impact of a red sea situation, inflation, banking crisis, geopolitical surprises, and high interest rates on the housing market.
27:46
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Quick takeaways
- The percentage of homes taking price cuts is expected to decrease this spring, indicating a stronger housing market driven by increasing demand and a better seller-buyer equilibrium.
- Abnormal inventory cycles have been observed in recent years, with a delay in the seasonal bottom and hope for a return to a more normal pattern in 2024, emphasizing the importance of sufficient supply to alleviate concerns about housing affordability and stress for sellers.
Deep dives
Fewer homes expected to take price cuts this spring
According to lead analyst Logan Motorshami, the percentage of homes taking price cuts is expected to decrease this spring, indicating a stronger housing market. Over the past year, the price cut percentages have been declining and are projected to fall below 2023 levels in the upcoming spring due to lower mortgage rates and a more stable marketplace for sellers. While the price cut percentages vary across different markets, Motorshami emphasizes that this trend is driven by increasing demand and a better seller-buyer equilibrium.
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