Unemployment and supply of homes are correlating higher now as well pic.twitter.com/cfgrH7wAsT
— The Coastal Journal (@1CoastalJournal) March 26, 2024
The real estate rollercoaster is hitting some unexpected twists and turns, with February delivering a double whammy of unsettling news. Brace yourselves: layoffs have skyrocketed a jaw-dropping 410% compared to last year, hitting levels not seen since the gloomy days of 2009. And guess what? The housing market is feeling the aftershocks big time.
Layoff announcements rose 410% year-over-year in February, according to data from the career coaching firm Challenger, Gray & Christmas, the worst February recorded since 2009.
— unusual_whales (@unusual_whales) March 26, 2024
Picture this: home inventory levels have ballooned by 24% from this time last year, painting a landscape flooded with “For Sale” signs. But hold on, it gets wilder. The Sunbelt, known for its sunny skies and hot markets, is now facing a deluge of available properties, setting records for supply surges.
Meanwhile, apartment vacancies are creeping up to their highest levels in seven years, hinting at a shift in the rental market’s tides. As sellers flood the market with 14% more listings than last year, buyers seem to be hitting the brakes, with overall demand dipping by 15% since March 2022.
It’s not all doom and gloom, though. With supply outpacing demand, nearly a third of homes are slashing their price tags, opening doors for savvy buyers. Even new home sales are feeling the pinch, with prices taking a 20% nosedive compared to previous periods.
In the midst of this real estate rollercoaster, it’s clear that we’re in for a wild ride. But with challenges come opportunities, and navigating these turbulent waters will separate the rookies from the pros.
Apartment rental vacancy is approaching its highest level in 7 years amid market softening in the Sunbelt and record supply arriving through the year pic.twitter.com/xj3SOjS3aM
— MacroEdge (@MacroEdgeRes) March 26, 2024
Good start to the year for housing inventory. Up and away🥤
Inventory up 24% y/y and rising pic.twitter.com/VR5EUYMo0P
— Don Johnson (@DonMiami3) March 26, 2024
Americas 🏡🫧 2.0: UPDATE
– Supply 📈: 24% increase YoY,
102% more than two years ago.– New sellers 📈 by 14% compared to 2023.
– Demand 📉 -15% from March 2022.
– 31.4% of homes see price 📉
*NEW home sale prices 📉 -20%
More in depth report ➡️ t.co/9agw3KimG8 pic.twitter.com/yB4il3fO2n
— The Coastal Journal (@1CoastalJournal) March 26, 2024