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- Markets with the highest projected price growth and drop
Markets with the highest projected price growth and drop
Plus: Trump nominates Scott Turner for HUD Secretary
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Disclaimer: Average mortgage rates as of Nov 22, 2024. © MND Daily Rate Index.
1. Markets set for major price upswings and downturns
According to Zillow, home prices are expected to rise by +2.95% between October 2024 and October 2025. Zillow also anticipates 4.3 million home sales in 2025, up from 4.1 million in 2023 and the estimated 4 million in 2024.
Among the nation's 400 largest housing markets, these are the top 5 metros with the biggest projected price growth and drop over that period.
Biggest Projected Price Growth Atlantic City, NJ: +6.5% Kingston, NY: +6.1% Augusta, ME: +6.1% Pottsville, PA: +5.9% Knoxville, TN: +5.8% | Biggest Projected Price Drop Lake Charles, LA: -7.8% Houma, LA: -5.8% Lafayette, LA: -4.0% Johnstown, PA: -3.9% New Orleans, LA: -3.8% |
Click here to view an interactive map of the entire country.
2. Trump nominates Scott Turner for HUD Secretary
President-elect Donald Trump has chosen former Texas state Rep. Scott Turner to serve as secretary of Housing and Urban Development. Turner spent nine seasons in the NFL with teams in Washington, San Diego, and Denver before being twice elected to the Texas House of Representatives, serving from 2013 to 2017.
In 2019, during his first term, Trump appointed Turner to lead a council tasked with turning around distressed communities. That included steering billions in private investment to so-called Opportunity Zones (places struggling with high unemployment and run-down housing). The effort won bipartisan praise — though critics suggested the wealthy investors getting tax breaks saw more benefit than local residents.
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3. More Nuggets
💵 What it takes to be "financially successful" by generation. (Axios)
🏙️ Ken Griffin and the big Miami real-estate mystery. (WSJ)
📈 Trump’s proposals spell pressure for mortgage rates. (TheRealDeal)
🍌 How a banana becomes worth $6 million. (Smithsonian)
💍 For some unwed couples, buying a new home comes before marriage. (WSJ)
4. Charted: Giant homebuilders gain more market share
Publicly-traded homebuilders have been taking market share for decades. Back in 2005, publicly-traded homebuilders made up 25% of U.S. new home closings. That figure slowly ticked up to 37% by 2019.
However, the recent mortgage rate shock has coincided with publicly traded homebuilders' market share spiking to 51% in 2023. Zonda chief economist Ali Wolf predicts it could soon top 60%.
U.S. homebuilding market share controlled by publicly traded builders, according to Zonda
5. 1 fun thing: Thanksgiving dinner will be a little cheaper this year
A typical Thanksgiving dinner for 10 will cost about $58 this year, a new report finds — down around 5% from last year but up nearly 20% in unadjusted dollars from 2019, before the COVID-19 pandemic.
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