Homebuilder: “The market is falling off a cliff.”

Housing affordability dropped to the lowest levels since the Great Recession. It now costs the average homebuyer approximately $982 more per month to buy a new home today versus one year ago. Also, new single family home sales tanked BIG TIME in October per a new report from the North State Building Industry Association for the greater Sacramento housing market. On a year over year basis, new home sales (i.e. sales of new home construction by homebuilders) in the region plunged 51% YOY since April. This is likely due to the huge spike in mortgage rates: rising by about 4 percentage points in the last 12 months.

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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.6% for the current mortgage rates (at the time of filming this video for borrowers with exceptional credit).

➜➜➜ Or, email me if you’re looking to buy or sell a home in the greater Sacramento area (w/n ~30mn drive from Sacramento): jason@meetjasonwalter.com

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Compilation of Housing Market Forecast videos:

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

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