Housing Market Blues A New Crisis Unfolds

Mama Mia Housing Market Takes a Dive

It's a me Mario reporting live from the Mushroom Kingdom or well the U.S. housing market which is lookin' a bit like a Bowser's castle these days a real complicated mess. Seems like everyone is a worried about affordabilitá supply and confidence in the economy. Lawrence Yun from the National Association of Realtors is even sayin' it's a "new housing crisis." Not good not good at all. It's a like trying to jump a Goomba and missing completely leaving you flat on your face.

Down the Pipe Sales Numbers Sink

These home sales numbers they're a not lookin' so hot. Sales of previously owned homes dropped 8.4% in January. That's a bigger drop than expected. The last time it was this slow was December 2023 and the biggest monthly drop since February 2022. People are a stuck like when I get stuck in a small pipe trying to move but not going anywhere. Seems like a lot of folks are stuck too. Makes a me wonder if they need a super mushroom to grow their wallets.

Affordability A Koopa Shell to Dodge

Yun says that affordability is improving but potential buyers are still a strugglin'. Renters they're not building any wealth in the housing game. It's like a trying to catch a Koopa shell its difficult and fast. We need to find a way to help everyone get into the game not just the big bosses. I believe that Kraft Heinz Halts Breakup Plans in Stunning Reversal would also find a way to get everyone into the pasta game not just the big bosses if you know what I mean.

Inventory A Thin Mushroom Stalk

The houses for sale are like a very thin mushroom stalk there aren't a lot of them. There were 1.22 million homes for sale at the end of January a 3.7 month supply. They say a balanced market needs a six month supply. So we need more builders to plant some more of these houses and plant them fast. We need a good harvest.

Prices Rise Like Bowser's Fury

Even with all these problems the prices are still a goin' up. The median price for a home sold in January was $396,800. Up 0.9% from last year. It's the highest January price on record. It's like Bowser keep's getting stronger and stronger. Homeowners are doing okay though they have a lot of wealth. But what about those just starting eh? They need to have some help!

It's a Me Mario Housing Hero Maybe

So what does all this mean? It means the housing market is a in a tough spot. High prices low inventory and struggling buyers. We need to find a way to fix this like when I fix a broken pipe. Maybe we need a Super Star to get things moving again. Maybe just maybe I Mario can become a real estate mogul. Wahoo! It's a something to think about.