The ‘trending’ question that is in a lot of folks minds online seems to be “Is the Housing Market Slowing Down?” And we bring you this Trend Report that answers just that!
America’s real estate market has hit so many record-breaking “firsts” of late, it’s logical to think this can’t go on. But recent housing data reveals yet a new twist that economists haven’t seen in two whole years.
Here is the latest updated market trend on the housing market slowing down.
Homes are taking longer to sell
For the week ending July 30, the most noteworthy shift involves how long homes are taking to sell, with properties lingering on the market one day more than they did the same week last year.
While one extra day might not seem like much, it’s a pivotal turning point after two straight years of buyers watching this window of opportunity grow smaller and smaller, week after week. Currently, listings linger a mere 32 days before getting snapped up, almost half the time it took two years earlier.
Home price growth is slowing
The latest June data from Realtor.com places the median home price nationwide at a record-setting $450,000. And, for the week ending July 30, the median listing price continued its 33rd straight week of double-digit growth, rising by 15.6% over last year.
These numbers might terrify cash-strapped homebuyers, but they’re actually an improvement over weeks prior. For the previous two weeks (ending July 16 and 23), median home prices rose by 16.6%.
Fewer homes are going up for sale
The number of new listings on the market dropped by 8% year over year for the week ending July 30—that’s the fourth straight week of decline.
“Fewer homeowners are eager to list homes for sale in this rebalancing market,” explains Chief Economist Danielle Hale. “This is looking more and more like sellers may be spooked that they’ve ‘missed the peak.’”
U.S. mortgage rates are tumbling even after the Federal Reserve hiked its benchmark interest rate by 75 basis points last week.
In fact, the average rate on a 30-year fixed mortgage has shown a downward trend dipping below 5% for the first time since early April, a new report shows.
This is still significantly higher than last year — and the combination of high prices and interest rates is “driving a reset in fundamentals,” says George Ratiu, senior economist with Realtor.com.
“With borrowing costs setting an affordability ceiling for many buyers, home sales are dropping,” says Ratiu.
“In addition, as many homeowners rushed into summer ready to list their property and capture the equity brought about by record-high prices, inventory has improved. This brought a welcome sign in this year’s real estate markets — price cuts.”
Even after all the backlash from its users, Instagram is still marching toward a more similar look to TikTok. [Check out our Storyy blog on: Why you should be using Instagram Reels]
There is of course some backlash to this change, namely by photographers because of the tight constriction on an awkward display frame of 9: 16 and the use of an overlay to display text.
Zoomerification or Zoomerfy is a current meme trend that involves editing images of people and characters by giving them a total Zoomer makeover. Stereotypical Gen Z haircut are added, as well as their dialogue being changed so that it includes a large number of Gen Z slang words and expressions, such as “deadass,” “fr fr,” “bussin” and “no cap.”
Check out these 2 examples below!
David Morris’s hit “Carrying Your Love With Me” has been trending the past week. Jump on this trend by first showing something you “carry with you,” and then the source of that “love.” Take this quick sound bite from this song and make sure to give it your own spin.
kidthvldd really “did it to go #1” in his hit song Lyfe this week. Check out the top songs below to incorporate into your videos. There is a little bit of everything this week so try to match your video’s mood with the right song.
Two things to AVOID when filming short-form content:
1. Introducing yourself
2. Summarizing the video
Learn more from Storyy about how to start your videos from our very own Deven Gillen. Check out the video below!