Staff Reports
In a twist of events that defies all odds, the shortage of homes on the market has led to a steep climb in house prices, despite the highest mortgage rates in decades. That’s right, folks, it’s a seller’s market out there, and the conservative republicans are loving it!
The S&P CoreLogic Case-Shiller 20-city price index revealed a 0.2 percent increase in December, marking the 11th consecutive month of rising home prices. To top it off, compared to the previous year, home prices have shot up a whopping 6.1 percent. It’s like the housing market is on a never-ending rollercoaster ride to the moon!
Bidenflation: Home Prices Rise To Record High https://t.co/JWCueOZGP4
— Doc (@DocOfTheSouth) February 28, 2024
But hold on to your MAGA hats, there’s more. You see, most homeowners with mortgages are basking in the glory of significantly lower interest rates than what’s being offered in today’s cutthroat market. So, instead of selling their homes and upgrading to a new abode at higher rates, they’re digging their heels in and staying put. And guess what? This has caused a bit of a hiccup in home sales, but it’s like pouring rocket fuel on the fire for home prices and residential construction. It’s like a real-life game of Monopoly, and conservatives are winning big time!
The Case-Shiller 20-city index is the holy grail of home price tracking in the U.S. It monitors repeat sales of homes without getting all muddled up by the mix of homes sold each month. And get this, it doesn’t just cover city centers, but the metro areas around the 20 largest U.S. cities. It’s like having eyes everywhere, keeping tabs on the housing market’s every move.
But wait, there’s more. The national index, which gives a broader view of home prices, also experienced a 0.2 percent surge and a 5.5 percent uptick over the past year. And the 10-city index, focusing on the ginormous metro areas, also saw a 0.2 percent rise for the month and a whopping seven percent increase over the past 12 months. It’s like the housing market is throwing a party, and everyone’s invited – except those pesky liberals!
And if that wasn’t enough, all three indexes are living their best lives, basking in the glow of all-time highs. It’s like the housing market is unstoppable, with conservative republicans leading the charge!
In a plot twist that no one saw coming, home prices marched steadily upwards in 2023, with just a blip in January when they dared to decline. But fear not, dear conservatives, that was just a tiny bump in the road compared to the glorious climb that followed.
Now, here’s a real head-scratcher for all you economy enthusiasts out there – typically, the housing market is like a delicate flower, wilting at the bare mention of interest rate changes. However, thanks to homeowners locking in those sweet and low fixed rates during the pandemic and earlier, the Federal Reserve’s interest rate hikes haven’t caused as much chaos as those snooty economists predicted. It’s like the housing market is playing hard to get, all while interest rates are skyrocketing.
And to top it all off, the December figures matched up with what those Wall Street analysts were expecting. You can practically hear the conservative republicans cheering from the rooftops, celebrating another victory for the housing market. It’s like a never-ending parade of good news for the red, white, and blue!
