Real estate vibe shift
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Closed sales and new listings are each up about 12% year over year, according to a recent Columbus Realtors report.
Why it matters: That's a sign consumers are feeling more optimistic about the housing market — a far cry from where we've been.
- Since 2022, less than 30% of Americans have considered it a good time to buy, per Gallup.
The big picture: Mortgage rates are now hovering around 6.5%, low enough to bring some people off the sidelines.
Flashback: Roughly 14% of Columbus-area home sales fell through in the first half of 2024, according to data Redfin shared with Axios.
- Deals fall apart for a number of reasons, but in many instances, it's because the buyer failed to secure a mortgage, per the National Association of Exclusive Buyer Agents.
Reality check: Mortgage rates are just one piece of the home-buying puzzle.
- The median-priced home in Columbus is up 54% from five years ago, Redfin July data show.
What's next: There's still quite a bit of room for mortgage rates to fall, Axios' Felix Salmon reports.
- Even if Treasury yields don't fall from their current level, the 30-year mortgage rate could reach 5.57%, he says.
Bottom line: Lower mortgage rates won't solve all our housing problems, but they'll help loosen those golden handcuffs and bring some new buyers into the market.
Read more: What's next for Realtors ... The death of hallways