We’ve all heard the jokes. I went to the gas station and asked for five bucks worth of gas. They gave me a tanker. Yes, lower prices at the pump are nice. But too low and it starts to hurt producers, who have to cut back on output and investments. Layoffs ensue, jobs disappear, bankruptcies follow, suppliers suffer, … And none of that is ever good for the economy and housing market. Certainly not during a pandemic. But it might happen.Read More
Entering the spring home-buying season, the housing market had firmly recovered from Spring 2019 lows
The March data does not show the full impact of “stay-at-home” or similar orders that started to affect most Americans by late March. The April data will no doubt reflect that nearly 90% of Americans were effectively told to not venture outside. What remains to be seen is how the forced unemployment, financial relief to consumers and businesses, and the pandemic’s longer-term impact on the shape of the economy, interplay to affect the housing market.Read More
Kentucky Homebuyers Retreat as Sellers Hold Firm
Nearly three out of four Kentucky REALTORS® – 73% – said their sellers had not reduced listing prices to attract buyers according to the April 2020 edition of the HousingIQ Survey of Kentucky REALTORS®. 70% of the nearly 600 REALTORS® from across Kentucky reported that their buyers had stopped looking.Read More
Whether the post-coronavirus crisis recovery is V-shaped, W-shaped, looks more like a U or an I or an L, is for the pundits to debate. What is undeniable is that we will prevail. The pandemic will end. And the economy will restart. This recovery, much as is the case with the current job losses, will be uneven across industry sectors and geographies.Read More
Going into the coronavirus crisis, the housing market was strengthening to Spring 2018 highs with 95% of metro markets forecasted to improve and 28 states forecasted to outperform the national market.
The February data does not reflect the COVID-19 impact. The March data will no doubt show a huge impact as local economies across the country suffer job losses and worse. One can get a sense of that forthcoming impact from the latest edition of the HousingIQ/Kentucky REALTORS® Confidence Index which dropped 32.5 points from its February 2020 reading.
The data for February show that it was going to be the best of times. The US Housing Market Vitality Indicator (HMVI-US) closed February 2020 at 106.9 which corresponds to economic conditions supporting 6.9% annual house price gains. The 3.1 point year-over-year increase sustained the January momentum and erased all 2019 losses in market strength. At the state level, twenty-eight state housing markets ended stronger than the overall US housing market. At the metro level, February 2020 ended with house prices in 95% of all metro markets forecasted to improve.Read More
Home sellers take wait-and-see approach as buyers discouraged by stock market correction
Nearly two out of three REALTORS® — 65% — said their buyers were significantly discouraged by the recent stock market correction, according to the March 2020 edition of the HousingIQ Survey of Kentucky REALTORS®. 84% of the over 700 REALTORS® from across Kentucky reported that their sellers had not removed their homes from the market due to coronavirus fears.
Heartland Forward’s new research, “Millennials Find New Hope In The Heartland“, finds the Heartland to be an increasingly attractive destination for millennials to live and work in. Attracting millennials is key to the future economic growth of any area. A healthy housing market contributes to the appeal of an area, benefits from economic growth, and fosters economic vitality.Read More
Kentucky REALTORS® to contribute monthly state-level market data and commentary
Jointly administer monthly Survey of Kentucky REALTORS®
Housing market vitality softening.
Thirty-five metro markets forecasted to deteriorate.
Twelve states forecasted to outperform national market.
The US Housing Market Vitality Indicator (HMVI-US) closed Q3 2019 at 105.9 suggesting economic conditions support 5.9% annual house price gains. The 0.15 point year-over-year decrease wiped out all improvements since last spring. At the state level, twelve state housing markets are stronger than the overall US housing market. At the metro level, Q3 2019 ended with house price changes in 114 metro markets forecasted to outperform the national market. On a cautionary note, in thirty-five metro markets house prices are forecasted to decline.Read More