Housing shortage index graphic by metropolitan area (SEP 2024)

[GON]

Never saw a graphic like this before. It clearly depicts areas with housing shortages, and "how short". I suspect areas in blue, a buyer might have some bargaining power/choices, areas in red, much less likely to have bargaining power/ choices.

 

[JeffKeryk]

It's crazy here.

 

[tbm5690]

Never saw a graphic like this before. It clearly depicts areas with housing shortages, and "how short". I suspect areas in blue, a buyer might have some bargaining power/choices, areas in red, much less likely to have bargaining power/ choices.

View attachment 253512

What is all the gray area, housing surplus?

 

[Dave Hess]

We helped our 3 of 4 adult children buy a house, if not they could not afford a house.

Their mortgage is similar to a 1 bedroom apartment in a nice area.

 

[IndyIan]

Housing is weird, I guess the amount of manual labor keeps the building costs near inflation, and then there seems to be no simple house subdivisions being made? So the prices of an "average house" keep climbing.
Almost all other items get cheaper to make with advances in material science and manufacturing efficiencies, but not housing?
I do see simple houses built, but only by a custom builder.
There are still whole neighborhoods here of wartime housing that were cheap to build after WW2 and lots of people willing to pay $500k for them, and I can't imagine a 30x40 rectangular 1 floor house with full basement, like that would cost anywhere near $300K to build now. Almost every job would only be a day or two, per trade?

 

[JeffKeryk]

We helped our 3 of 4 adult children buy a house, if not they could not afford a house.

Their mortgage is similar to a 1 bedroom apartment in a nice area.

What a wonderful gift! Bravo Dave!

 

[DuckRyder]

Frankly I’m not buying that map there’s something else at play because from a pure supply and demand scruffy city is crazy and has been for years.

Suspect with a cats gory being “need more permits” it might be based on new construction. Which is fine if you want cookie cutter junk on less than a quarter acre… or have a couple mil.

 

[SC Maintenance]

So it shows Charleston County as light red? There are plenty of houses for sale here. Possibly not at a price anyone wants to pay, but lots of inventory. According to the same NAR, average days on the market is 56. Does 56 days sound like a shortage? Maybe tight, but not short.

This is my fundamental problem with the housing "market" and NAR in general. Fox is watching the chicken coop.

 

[GON]

Frankly I’m not buying that map there’s something else at play because from a pure supply and demand scruffy city is crazy and has been for years.

Suspect with a cats gory being “need more permits” it might be based on new construction. Which is fine if you want cookie cutter junk on less than a quarter acre… or have a couple mil.

All I can tell you (not a applicable sample size) is we owned a home we tried and could not sell for 15 years. We were able to sell it two years ago for above listing price. Since we sold this very hard to sell home because of the state it was located in, according to Zillow the home has appreciated almost $200k USD since we sold the home two years ago. When I look at the shortage map, the home is in a deep red section.

One home in no way is a sample size, but in my case, the map was in fact spot on.

 

[zzyzzx]

Sometime after Jan 20th, there should be a lot more supply.

 

[Astro14]

The omission of more than 80%of the country makes this a specious representation. Sure, we know that certain metro areas have housing shortages, e.g. NYC, but so much of the country is blank that this mis-represents the overall trend.

Is the rest of the country red? Or blue? Both?

 

[Pablo]

GON digging!

 

[GON]

The omission of more than 80%of the country makes this a specious representation. Sure, we know that certain metro areas have housing shortages, e.g. NYC, but so much of the country is blank that this mis-represents the overall trend.

Is the rest of the country red? Or blue? Both?

The non colored areas are considered nonmetropolitan areas. The chart is exclusive to metropolitan areas.

New Mexico is a good example. The only metropolitan area in New Mexico is from Santa Fe to Albuquerque. The chart is accurately solid red for Santa Fe to Albuquerque, and the rest of the state of New Mexico is blank.

 

[Passport1]

Updated map from American Enterprise Institute website. California and its 'blast zone' surrounding states are the reason.