Housing How is the health of the US housing market?
The US housing market is often seen as a bellwether of the overall economy.
- Housing price growth in major US metro areas has slowed since the beginning of the year, particularly in New York – from almost ~7% y/y to less than 1% (as of April 4).
- In Dallas, prices have been falling and are now down ~2% y/y.
- Inventories have been falling for months, but the year-over-year change has decelerated sharply since mid-March.
- The decline in inventories suggests there are fewer listings on the market.
- Home prices are now flat y/y after rising for the past 12 months.
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US Housing Prices – Median, Change y/y
Source: UBS Evidence Lab
Housing Inventory – Change y/y
Source: UBS Evidence Lab
Housing Prices – Median, Change y/y
Source: UBS Evidence Lab
