Toss a Coin to Your Witcher, the Housing Market's Gone Sour!

A Witcher's Eye on the Market

Hmph. Another day another monster—this time it's the housing market. Seems like even drowners aren't interested in swimming in this mess. Prices are cooling faster than a noonwraith in Skellige. According to some mages—er 'analysts'—home prices only rose by 2.7% in April compared to last year. That's the smallest gain in nearly two years. By the Eternal Fire even Roach is surprised!

Pandemic Darlings No More

Remember the Sun Belt? Hotter than a dragon's breath they were. Now? Tampa and Dallas are turning negative. Seems like even vampires are moving out. New York Chicago and Detroit are seeing the biggest increases according to this Godec fellow from S & P Dow Jones Indices. Funny how fortunes change; one minute you're dancing with a succubus the next you're haggling with a Doppler over rent.

Mortgage Rates: Higher Than a Leshen's Tree

Mortgage rates are over 7%. Seven! That's more than I charge for a royal griffin contract. No wonder first time buyers are running away faster than Vesemir from a striga. Monthly payments are reaching 'generational highs'. Might as well sell your soul to Gaunter O'Dimm; it'd be cheaper.

Supply and Demand: A Tale as Old as Time

Supply is rising but still below pre pandemic levels. Apparently homeowners don't want to give up their cheap rates. Who can blame them? I wouldn't trade Roach for a unicorn. Only 6% of sellers risk selling at a loss. That's good I suppose unless you enjoy watching people suffer. Which I don't... mostly.

Not Another Great Recession... Yet

Fear not folks. We're not diving into another Great Recession though I've seen less chaotic witch hunts. Godec says housing supply is still constrained preventing a 'sharp correction.' So no need to start hoarding endrega eggs. I'd take his word on it. Probably knows more than those bards at the Golden Sturgeon.

The Witcher's Conclusion

The market's cooling but it's not turning into a bloody battlefield just yet. Prices are weakening but we're not facing a catastrophe. 'Evil is evil. Lesser greater middling… Makes no difference,' as I always say. So keep an eye on those mortgage rates and maybe consult a seer before buying a house. Just a thought. Now if you'll excuse me there's a griffin contract with my name on it.