It’s been a long winter in the housing market. Economic unease, uncertainty about taxes, fluctuating mortgage rates, and rain and snow have kept buyers and sellers on the sidelines throughout much of the country.
Those insights – and more detailed observations – come from investment bank Credit Suisse, which polls real estate agents around the country every month. Its February edition, released a few days ago, paints a more uniform picture of housing conditions around the country, though some distinctly local matters, like the impact of the government shutdown on Washington, D.C., or the “red tide” in Gulf Coast Florida, stand out.
| City | Comments |
| Atlanta | “Inventory is improving slightly and demand is still strong.” “Buyers willing to wait for the right property.” |
| Charlotte | “Not enough homes in the lower or more affordable price ranges; buyers waiting to find the right property.” “Mortgages are easier to obtain, jobs are plentiful and wages are rising.” “Expecting traffic to further increase in March.” |
| Chicago | “Brutal cold weather and low inventory.” “Property tax uncertainty.” |
| Dallas | “Buyers are in no hurry as they await a shift in the market. Sellers still looking for top dollar and multiple offers. Mismatch in expectations.” “Concerns over the economy’s trajectory.” “Increased number of sellers.” |
| Denver | “Seeing more flexible guidelines from lenders.” “Down payment assistance programs and more affordable interest rates.” |
| Detroit | “Rates are leveling out and prices have actually come down over the past 4-5 months, which has helped buyer traffic.” “Quality of buyer traffic has improved even though the gross traffic numbers aren’t necessarily higher.” |
| Fort Myers | “Decent amount of lookers but few offers.” “Green and red tide algae has led to consumer wariness of the Gulf Coast environment.” |
| Houston | “Market seems to be in limbo.” “Still uncertainty in the market place.” |
| Las Vegas | “Many purchasers are using companies like Open Door and other online sites.” |
| Los Angeles | “Buyers waiting to see if rates move lower and how the new tax rules impact the bottom line.” “Still demand for housing but sellers have yet to fully comprehend they are no longer in the driver’s seat.” |
| Miami | “Move-up buyers are bargain hunting in a softer luxury market.” “Low consumer confidence.” |
| Minneapolis | “Extreme cold weather and record monthly snow.” “Buyers looking to get a jump on the selling season and avoid multiple offer situations.” “Shortage of properties and lower interest rates.” |
| New York/Northern New Jersey | “Buyers are out in force, but seem reluctant to purchase as prices creep higher.” “Majority of home buyers are in first-time price ranges.” “Some concern about taxes and the possibility of declining home prices in the future.” |
| Phoenix | “Buyers feel home properties are priced too high. Investors are low balling properties that have been sitting on the market longer than 60 days.” “Transactional volume down from two banner years; still a good market but 2017/18 spoiled agents and sellers.” “Buyers waiting for tax returns.” |
| Raleigh | “Relocations from the Northeast and California.” “Significant job growth in the area and in-migration.” |
| San Antonio | “Continued military moves; in-migration for employment and family.” “It’s becoming a buyers’ market.” |
| San Diego | “High prices and general uneasiness in California.” “Favorable rates brought some buyers back to the market.” |
| Sarasota, Fla. | “People are wary of the uncertain economic conditions.” “Winter temperatures encouraged travel to the south.” “Strong interest in second/retirement homes has rebounded.” |
| Washington, D.C. | “Weather and lingering concerns over the federal government shut down.” “Poor weekend weather and general market uncertainty.” |