MARKETWATCH
Real Estate Sales Are Trending Down
New home sales are at their most sluggish since April 2020. Sales in April 2022 numbered 591,000, which is 16.6% lower than March 2022. Source: Axios
Texas Ranks as Most Overvalued Market in U.S.
Fortune reported on research conducted at Florida Atlantic University, which found that the median home in Austin is worth $589,600, 66% more than the $354,600 limit that is supported by economic fundamentals. Dallas is overvalued by 46%, San Antonio by 30% and Houston by 28%.
Ohio a Popular Market for Investment Firms
Investment firms are buying up properties in the Buckeye State, according to WOSU Public Media. Franklin County, home of state capital Columbus, has the lowest rate of owner-occupied housing in Ohio.
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Home Price Growth Outpaces Income Growth
The U.S. Bureau of Labor Statistics’ Employment Cost Index report for April 2022 found that U.S. home prices have risen 19.8% over the past year, more than four times greater than income growth during this time.
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