The residential real estate market has started to cool. The National Association of Home Builders recently released its National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index. The index dropped at an alarming pace. Interest rates have knocked homebuilding out of the market. It is one of several signs home prices will continue to drop. The state of housing has a wide range across America’s major metropolitan areas. A new study shows the most damaged real estate market is Albany, New York, one of the poorest cities in the country. Most of the cities with real estate problems are also ones where people tend to have low incomes.
[in-text-ad]
The 2022 Study: Taking the Temperature of America’s Housing Markets from real estate services provider Porch looks at nine metrics. These are centered around how long homes remain on the market in the cities measured, the average home price year over the previous year and the percentage of listings with price cuts. Data were pulled from Zillow and Redfin. A total of 93 markets were included.
The study offered some good news. The average price of a home listed for sale this year is $347,900, which is 13% higher than in the same period in 2021. The report notes, “Today, with rising inflation and mortgage rates, the upward trend continues, but cracks in the monolithic growth are starting to show.”
Cities were scored on a scale of 1 to 100, with the highest figure being the best. Albany had a score of 29.8. Much of this was due to a drop of 68% in average monthly sales. The average price of a house in Albany so far this year was a low $232,500. Among the most poorly ranked markets were others with low home prices: Milwaukee ($227,600), Baltimore ($335,000) and Pittsburgh ($205,900).
24/7 Wall St.The city with the highest score was Greenville, S.C., with a score of 88.4.
Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.