Michael Anthony Hidalgo

"Here to advise you in the decisions you want to make"

Housing Market Crash Seems More Unlikely

Photo: Steven Pahel

Fear was broadcasted through the media that with growing inventory and slowing demand, a crash was looming. However, data shows that we are heading for a soft landing in the housing market.

There are 32% more homes on the market than last year at this time
Home prices held firm for the past month at around $449,900
37.6% of homes on the market this year have had price reductions

My Opinion:

This data really backs what I’ve been saying: this isn’t a mortgage crisis and it’s not like the ‘08 recession.

The market is in a really great spot. Here in Los Angeles, we’re seeing at least 20-30% inventory growth in the last several weeks. As we get into the fall buying season and inflation cools off, we’re going to be looking at a really exciting market!

Inflation, is the worst behind us?

Source: Pedro Marroquin

On Wednesday, the Bureau of Labor Statistics published the l atest inflation report based on July’s price activity. That report suggests the worst of it might actually be behind us.

They reported that inflation is at 8.5% YoY, lower than the forecasted 8.7%, and lower than the 9.1% heading into June. There was also a 0% change in inflation from June to July. The drops in gas and energy prices helped keep inflation in check.

My Opinion:

This is great news. I'm hoping to see a ton of new buying activity following this report. Until now, many buyers were sitting on the sidelines but I really think they’ll start to dip their toes in the water and start buying again in the coming months!

Listing of the week!

Granada Hills

This 4 bedroom 1 bath home has a 1,640 sq ft living space in a 7,801 sq ft lot with a 2 car attached garage. Price was recently adjusted, Located close to a wide variety of shopping centers, schools and easy fwy access to 118, 405 and 5 fwy.

Listed at $899,000

Click the link below for more info:

16450 Kingsbury Street, Granada Hills, CA 91344