NEW Housing Market Report: Top 5 US Cities in Trouble

NEW Housing Market Report: Top 5 US Cities in Trouble // In this video, I share a brand new report that lists the top 5 US cities that have a high chance of home prices decreasing in 2021. Will the housing market crash 2021 happen in those cities? Time will tell. I also discuss the latest housing market update.

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According to CoreLogic’s latest housing market 2021 report, home prices increased 8.2% year over year in November but are expected to only increase 2.5% from November 2020 to November 2021. What’s your housing market forecast 2021? To give you a housing market update, despite record low inventory levels in 2020, home sales are expected to surpass 2019 sales. All US states experienced home price index (HPI) increases from Nov 2019 to Nov 2019, with Idaho leading the pack with a 15.7% price appreciation. North Dakota had the smallest price increase of 3.8% for their real estate market. Phoenix was the top metro recording a 12.6% year over year increase in the HPI. In contrast the top 5 metros that have the highest risk of a home price decline by Nov 2021 are Prescott, AZ; Lake Charles, LA; Miami, FL; Brownsville, TX and Gulfport, MS.

In other real estate market news and per the National Association of Realtors (NAR), existing-home sales this November decreased 2.5% from October 2020. November’s sales of existing homes rose 25.8% from November 2019. The national median existing-home price for all housing types rose to $310,800 in November, up 14.6% percent from a year ago. The Northeast had the largest home price gain of 17.4% and the West had the smallest gain of 13.8%, compared to Nov 2019. Compared with November of 2019, inventory levels dropped 22.0%.

According to NAR and to give you a real estate market update, single-family home sales were up 25.6% while condominium sales were up 26.8% compared to a year ago. Single-family homes had an increase in price up 15.1% at $315,500 and condominiums rose 9.5% at $271,400 from November 2019.

Comment below: what’s your housing market forecast? Do you think a housing market crash will happen and there will be a housing crash 2021 or do you think the real estate market will continue to surge? Or, is there a housing bubble?

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Jason Walter, CPA (lic #103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE #01923240)
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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