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Chart of the Day: The Housing Market Is Super Tight

The housing market is going nuts, and it's mainly because of supply:

The number of units for sale has been dropping steadily ever since the housing bust in 2008, and by 2019 it was down to about the level of 2000. Then the pandemic hit and supply took a sudden downward tick, presumably because lots of people decided they didn't want to sell in uncertain times.

But now, with the end of the pandemic in sight, plenty of people want to buy. And as we all know, when demand is high and supply is low, the great equalizer is price. So housing prices are up and homes are selling fast. A retired couple I know put their house on the market recently and it sold in three days at the full asking price. Hooray! Unfortunately, they can't find a house to buy where they're planning to move. So instead they're going to spend a year renting and then try again.

16 thoughts on “Chart of the Day: The Housing Market Is Super Tight

    1. Mitch Guthman

      I doubt it. May if he gets the promotion to be a television performer, he’ll sell up and go to whenever Supermax’s studios are. But my impression is that even if they aren’t billionaires his family has enough money and clout to provide him with pretty impressive levels of impunity. And his appearance on the White Power Hour indicates that his sees the problem as one of public relations and not legal jeopardy.

      1. DFPaul

        Could be. Another interpretation would be he's so desperate he's trying to hang on to Tucker C as a life preserver, but Tucker indicated he's not going to help on this one. Faux purity on the issue of protecting the virtue of women, and especially children, is a building block of the current conservative id. Witness the catechism of Q, what they said about Hillary, Podesta, etc.

        1. Mitch Guthman

          It hard to say. I think even Tucker was surprised by the sheer insanity of the interview. But I also think that tribal identity is the glue that holds the modern Republican Party together. I really don’t think it would matter to them if he’s banging young girls.

          The conservative emphasis on protecting children from sexual abuse has nothing to do with actual concern about children but rather is opportunistic and entirely transactional. They embrace it as a powerful weapon at their disposal but they don’t think it’s genuinely bad for members of the tribe to sexually exploit girls and boys.

          1. MontyTheClipArtMongoose

            David Koresh, Warren Jeffs, & Roy Moore were & are Men of God. Likewise Matt Gaetz.

            Their conduct, while other than ideal at times, does not despoil our white race, though select all + delete the 14 words.

            I don't see Tuck being all that bent out of shape by this.

            1. Mitch Guthman

              Me neither. I think he was taken by surprise because Gartside, being a moron, neglected to tell Tucker where the interview was going. If I understood the very broad hint Gaetz was dropping, Tucker’s evidently okay with the extramarital banging of 17 year old girls.

        2. J. Frank Parnell

          First time a scanned your post I read "he's trying to hang on to Tucker as a class C life preserver". My sense is Tucker didn't appreciate the drowning pol trying to hang on to him for support.

    1. peterlorre

      I agree. If anything there was a glut of purchasing during the pandemic as people reassessed the place that they were going to spend 99% of their time.

  1. J. Frank Parnell

    Trump's always saying Seattle and other blue cities are lawless hell holes that everyone is leaving. And every month property values go up.

  2. Rich Beckman

    "Unfortunately, they can't find a house to buy where they're planning to move"

    The other day I saw a local story saying that the present difficulty in the real estate market is finding houses to sell. Lots of people interested in moving, but want to find a place before they put theirs up for sale since the supply is so low. Vicious circle.

    Plenty of houses selling before they actually get listed.

  3. seitz26

    We live in the City of Chicago in a not yet gentrified area, but near some fully gentrified areas (Bucktown, Logan Square). We bought a detached single family home five years ago. We have a special needs three year old, so moving to the burbs where services are better. In three days we six offers and sold for about 6% OVER asking price, as-is. We got about 37% more than we paid for it, new construction. It's crazy here. And a 30 year fixed at 2.65%

  4. MarkHathaway1

    I've never noticed this before, but there could be a very good relationship between excess money in the wealthy class going into real estate (like money in a bank) and the appropriate federal tax rates (net overall) to remove some of that money from the wealthy class.

    Watch housing prices and as they go up (or supply goes down) raise the taxes and see it all stabilize!

  5. pjcamp1905

    My mother in law died a few weeks ago. My wife contacted a realtor to sell her house in south Florida. She had an offer for $5000 above the asking price before it even hit the market.

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