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HousingWire Daily
Mike Simonsen on home price cuts and what the trend means for the spring housing market
Feb 6, 2025
Mike Simonsen, President of Altos Research, shares his expertise on current real estate trends. He discusses the rising trend of home price cuts as sellers react to reduced buyer activity amid high mortgage rates. Simonsen highlights the unusual uptick in price reductions this spring, emphasizing the struggle sellers face in attracting buyers. He also analyzes regional disparities in home prices and the impact of economic uncertainties on the housing market, urging the importance of continuous data analysis for forecasting.
27:44
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Quick takeaways
- The increase in home price cuts, with 33.1% of homes experiencing reductions, indicates a significant shift in seller strategies due to buyer hesitance.
- Regional disparities in housing inventory, particularly between Silicon Valley and suburban areas, highlight varied price stabilization factors across different markets.
Deep dives
Current Trends in Home Sales
Home sales are currently experiencing a slowdown, significantly influenced by mortgage rates hovering around 7%. This has resulted in weekly sales being reported below 2024 trends, which were already concerning. The podcast highlights that while some indicators show prices remaining relatively flat or slightly down year over year, the increase in price reductions signals a shift in market dynamics. As more homes experience price cuts due to a lack of offers, this trend might lead to overall lower future sales prices.
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Discover
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