Welcome to our comprehensive coverage of today’s real estate news! From legislative priorities aimed at improving housing affordability in Texas to innovative city initiatives launching affordable housing funds, the landscape is bustling with developments. Dive into the dynamics of the U.S. housing market where, despite a sales slump, prices are hitting record highs in some areas while plummeting in others, creating unique opportunities for buyers. Moreover, amidst rising mortgage rates and tight supply, experts weigh in on the potential for a market crash. Stay informed and ahead of the curve in the real estate world by exploring our detailed reports and expert analyses.
Dan Patrick previews priorities for next legislative session | The Texas Tribune
Lt. Gov. Dan Patrick has outlined his priorities for the next legislative session, including improving housing affordability, fighting antisemitism on college campuses, and examining charitable bail organizations. These priorities were selected from hundreds of ideas submitted by the state’s senators. Patrick aims to accomplish the conservative majority’s goals, such as school choice, property tax relief, and strengthening the power grid. He also wants to address housing supply, reduce regulatory barriers, and evaluate large-scale purchases of single-family homes by domestic entities. The lieutenant governor has directed various committees to study workforce productivity, review higher education policies, and ensure campus free speech rights are protected. Other charges include monitoring border security efforts, overseeing the use of federal COVID-19 relief funds in public schools, and considering legislation to ban certain cannabis-derived products. To learn more about these priorities, read the full article on The Texas Tribune.
News Flash • City Announces Affordable Housing Fund Program
The city has announced the launch of its Affordable Housing Fund Program, aimed at addressing the need for affordable housing in the community. The program offers various resources and assistance to developers and organizations working on affordable housing projects. It aims to increase the availability of affordable housing options for residents. To learn more about this program and how it can benefit the community, visit the City’s website.
Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
The U.S. housing market is experiencing a strange phenomenon as existing-home sales have dropped to their lowest level in nearly three decades, yet home prices continue to reach record highs due to a lack of inventory. However, there are some markets where home prices are falling, making homes more affordable for buyers. Several traditionally affordable Midwestern markets have seen prices fall as smaller, cheaper homes become available. Additionally, pricey West Coast markets like Silicon Valley have experienced price declines. Experts predict that average home prices in the U.S. will rise around 3 to 4% in 2024 but anticipate a slowdown in price growth due to factors such as rising interest rates and increased housing supply. To explore the 10 housing markets where prices are falling, read the full article on Yahoo Finance.
Is The Housing Market Going To Crash? | Bankrate
The U.S. housing market is experiencing a unique situation where home prices continue to rise despite a slowdown in sales and high mortgage rates. Factors such as a lack of housing supply and strong demand have contributed to the ongoing increase in home prices. While some markets have seen small declines, experts believe that a significant price decline is unlikely on a national level. Homeowners with low mortgage rates are hesitant to sell, further tightening the supply of homes for sale. Although the housing market is cooling, it is not expected to crash like it did during the Great Recession. Housing economists point to several reasons why a crash is unlikely, including stronger personal balance sheets, cautious construction pace, and balanced supply and demand forces. To learn more about the current state of the housing market, visit Bankrate.