"What goes up must come down," says one economist of the housing market's abrupt turnaround. Prices in the nation’s largest cities are starting to decelerate as well, with the Case-Shiller 20-City Index, which measures prices in cities such as New York, Los Angeles and San Francisco, climbing 20.5%, from 21.2% in the previous month. With demand quickly falling, the number of homes for sale nationwide saw its first annual increase since July 2019 last month, according to Redfin. Akron, Ohio has the lowest chance of a downturn in the event the economy enters a recession—thanks to low home-price volatility, a low debt-to-income ratio among residents and a relatively cooler housing market, reports Redfin. Further ReadingHome Prices Surge 20.6% In Biggest Spike This Century—And Experts Say It’s Unclear When They’ll Drop (Forbes)

Source: Forbes July 27, 2022 03:14 UTC