Housing

[MajorRewrite]

Housing costs (purchasing or renting) are a big issue around the world, and a main part of the larger affordability problem. We don’t have a dedicated thread for the topic … so here it is.

I hope this becomes the place to discuss home prices, rent and the state of the construction industry.

I’ll kick it off with news that potential home sellers are pulling their property off the market in higher numbers than in years. This prevents prices from falling more than they have.

Nearly 85,000 sellers yanked their homes off the market in September — up 28 percent from a year earlier and the highest level for that month in eight years, according to a new Redfin analysis.

The reluctance to negotiate comes at a time when there are roughly half a million more sellers than buyers — a sharp turn from the COVID-19 pandemic market when owners called the shots and buyers were throwing elbows in bidding wars.

“Many homeowners who bought during the pandemic demand frenzy still expect sky-high prices,” Khan said. “They remember a seller’s market, so they’re hesitant to yield to buyers who want to negotiate the price down and/or ask for concessions.”

 

[Lazaran]

Probably can’t discuss the housing crisis & prices without factoring in anthropogenic climate change related disasters which are simultaneously destroying homes AND the items / materials that go into building new homes.

All that ^ as the global population, (demand) continues to rise…

 

[MajorRewrite]

GOP grapples with housing affordability message

“It’s a challenge for Republicans in general, because we’re kind of dominated by boomers,” said GOP pollster Brent Buchanan, adding that housing affordability concerns have come up more frequently in recent focus groups at his firm, Cygnal.

Republicans don’t even have concepts of a plan:

Housing costs are among a variety of economic pain points candidates will have to address next year. But as the GOP organizes to protect its control of Congress, some Republicans say the party hasn’t been able to coalesce around specific proposals for bringing down the cost of housing because Trump has yet to set a clear agenda on the issue. They’re playing catch-up with popular Democratic voices, including New York City Mayor-elect Zohran Mamdani, who won his seat largely on a platform of ideas for housing affordability.

Making the problem worse (oops):

Some of the president’s favored policies — like tariffs and dramaticallyincreased immigration enforcement — threaten to make homebuilding more expensive and difficult.

Data shows why housing affordability is a prime concern of voters:

Concern over housing costs comes amid growing evidence that homeownership is out of reach for many Americans. Home prices have increased 58 percent since 2010 when adjusted for inflation, pricing out millions of potential buyers, according to a 2024 analysis from Harvard University.

Young Americans have been hit especially hard. The median age of first-time homebuyers climbed to a record high of 40 this year, according to a reportpublished by the National Association of Realtors. Most Gen Z adults, between ages 18 and 28, don’t expect to ever be able to afford their own home.

 

[schism666]

didn't ben carson, the dude who had zero experience, fix our housing problems?

 

[BabyBoomer50s]

The federal capital gains tax exclusion for the sale of a primary residence hasn’t been increased since 1997. Millions of empty nesters are sitting on their houses rather than selling and downsizing. Raise the exclusion to reflect the increase in housing prices over the last 28 years and watch the inventory of houses on the market surge.