{"id":1288340,"date":"2022-02-10T07:30:11","date_gmt":"2022-02-10T12:30:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1288340"},"modified":"2022-02-10T12:37:36","modified_gmt":"2022-02-10T17:37:36","slug":"national-association-of-realtors-economist-discusses-housing-crisis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/national-association-of-realtors-economist-discusses-housing-crisis\/","title":{"rendered":"National Association Of Realtors Economist Discusses Housing Crisis"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnational-association-of-realtors-economist-discusses-housing-crisis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1288340&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/02\/0F95E156-4859-43E5-8CEB-2332006AEF5C_1_201_a-1.jpeg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p class=\"p1\">Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors, spoke to The Daily Wire about the group\u2019s recent study on the rising home prices and low supply of homes.<\/p>\n<p class=\"p1\">The study from the National Association of Realtors (NAR) was released Monday, as The Wall Street Journal <a href=\"https:\/\/www.wsj.com\/articles\/in-covid-19-housing-market-the-middle-class-is-getting-priced-out-11644246000?mod=hp_lead_pos13\"><span class=\"s1\">reported<\/span><\/a>, showing how the rise in the cost of homes and a steep drop in the number of houses being sold have had an effect on many Americans when it comes to buying houses.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">As The Daily Wire <a href=\"https:\/\/www.dailywire.com\/news\/middle-class-millennials-hard-hit-by-housing-market\"><span class=\"s1\">reported<\/span><\/a>, the study showed that at the end of 2021, there were around 411,000 fewer houses on the market that were thought to be affordable for households making between $75,000 and $100,000 than prior to the COVID-19 pandemic. \u201cAt the end of 2019, there was one available listing that was affordable for every 24 households in this income bracket. By December 2021, the figure was one listing for every 65 households,\u201d the Journal noted.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">\u201cThe study, the first of its kind from NAR, calculated affordability for different income tiers by assuming households use a 30-year fixed-rate mortgage and don\u2019t spend more than 30% of their income on housing costs, including taxes and insurance,\u201d the outlet added.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">The NAR study didn\u2019t just look at the regular methods of accounting for \u201chousing affordability,\u201d but it also considered the supply of houses for sale at different costs. It discovered that \u201chousing affordability\u201d got worse over the past two years for everyone except for Americans at the top of the income bracket. Every income group suffered, however, as the number of homes being sold went down.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">Nadia Evangelou told The Daily Wire that \u201cacross the board, across the income groups, we see that middle class home buyers are the most impacted than any other income group.\u201d<\/p>\n<p class=\"p1\">\u201cSo to answer the question of how this report can be helpful to home buyers is that it provides an estimate of how many homes are out there available for them to buy and how many households may compete for each of these listings,\u201d she added.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">She also said she was slightly surprised because expensive areas like San Francisco, San Jose, Honolulu, and Washington, D.C., are more affordable now compared to before the pandemic.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">\u201cLooking at the data,\u201d she said, \u201cwhat we see is that home prices have also increased significantly in these areas,\u201d however higher incomes paired with low mortgage rates seem to have impacted affordability.<\/p>\n<p class=\"p1\">\u201cFor example,\u201d she explained, \u201cthe income of the typical household rose about 15% San Jose and about like 13% San Francisco compared to 2019.\u201d<\/p>\n<p class=\"p1\">She also noted how \u201cin the first year of the pandemic, like in 2020, especially in the summer, many people were fleeing away from [these] big and expensive areas. So home prices were rising slower there compared to other areas during the time.\u201d<\/p>\n<p class=\"p1\">\u201cBut what is also interesting is that even though these households can afford to buy \u2026 a greater percentage of the homes, there are still fewer options for them there to buy due to record low inventory so there are fewer homes for them to buy,\u201d she added.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">She said NAR identified in which areas buyers are most likely to find a home to buy. She said that Daytona, Florida, had around one listing available for every 31 households. Des Moines, Iowa, and Atlanta, Georgia, had one listing available for nearly 35 households, and Miami had around one listing for around every 38 households, which are all better than the national level which is one listing for every 65 households.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">Evangelou also said that they have seen a trend of people moving away from expensive areas to more affordable areas, such as smaller cities or suburbs. She acknowledged that existing homeowners have it easier than first time home buyers because first time homebuyers don\u2019t have equity in a house.<\/p>\n<p class=\"p1\">When asked about the trend of home prices over the next year, Evangelou noted they \u201cexpect about 5.9 million units to be sold in 2022,\u201d which she said is around a 10% increase from 2019, but when compared to 2021 it will be a drop around 2%.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p class=\"p1\">She said home buying activity will slow down compared to 2021, and they expect home prices to rise although at a slower pace.<\/p>\n<p class=\"p1\"><span class=\"s2\">She pressed that \u201c<\/span>this is not going to be a price drop \u2026 they will still rise but at a slower pace.\u201d<\/p>\n<p class=\"p2\"><i>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a<\/i> <a href=\"https:\/\/www.dailywire.com\/subscribe\"><span class=\"s1\"><i>member<\/i><\/span><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors, spoke to The Daily Wire about the group\u2019s recent study on the rising home prices and &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1288340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1288340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1288340"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1288340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1288340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1288340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1288340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}