What does recent data say about the housing market in the fall?
According to Mike Simonsen, President of Altos Research, there are several signs in recent data that the housing market may cool off in the fall.
What’s happening? While there are still fewer homes available in the marketplace now than last year, available inventory of single-family homes ticked up again this past week. Also, 35.1% of homes for sale have reduced price recently. This isn’t signaling a crash, but it is a potential sign that we may be already in a cooling market. Based on median home price data and historical trends, Altos is predicting a cooling in the fall. How steep will it be? The difference may be noticeable enough to offset the current mortgage rate environment that we appear to be stuck in.
Is Warren Buffett betting on the housing market?
It’s been reported that Warren Buffett’s Berkshire Hathaway added a trio of homebuilders to its portfolio in the last quarter. The ‘Oracle of Omaha’ added holdings of three residential construction companies: Lennar, NVR and DR Horton. The total investment was a little over $900 million, with a $726 million stake in DR Horton representing the majority of the investment.
Buffett appears to be banking on homebuilders gaining steam in the next quarter with new projects kicking off throughout the country.
HGTV’s Barbie Dreamhouse hits the market
Does the idea of living in a ‘Barbie’ house appeal to you? In conjunction with the release of the popular movie, HGTV hosted a Barbie Dreamhouse Challenge to build a home that the iconic doll would approve of. The show has come to an end, but the property has just hit the market. Located in Canyon Country, CA, the home offers five bedrooms, five bathrooms and offers enough space to qualify as a dreamhouse.
Builders have renovated the home a bit since cameras stopped rolling, and most of the pink has been replaced with more understated features. The home still offers a gorgeous pool with a waterslide, a massive walk-in closet and updated appliances throughout.
The price for a TV-show winning home that’s been redesigned for the retail market? A cool $2.049 million.
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