Rick Sharga, founder of CJ Patrick Company, discusses current housing market conditions and economic trends. Rick explains that despite mortgage rates tripling since the pandemic, the housing market has shown resilience with 49 consecutive months of year-over-year price increases, though sales volume remains down for three years. He noted that while affordability remains a challenge with a $40,000 wage gap for median-income buyers, recent data shows pending sales and mortgage purchase applications running ahead of last year, suggesting pent-up demand may soon drive market recovery. Rick highlighted that inflation concerns stem largely from energy price increases following the Iran conflict, and emphasized that wage growth continues to outpace home price growth, making affordability slightly better. He also discussed how builders currently face a 10-month supply of new homes while existing home inventory remains tight, creating opportunities for investors in both markets.
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Key Takeaways:
Jason's editorial
0:00 Updating my clone's virtual brain
6:10 Refi vs. HELOC
Rick Sharga Interview
14:34 GDP growth, stock market and inflation
23:20 Unemployment, job and wage growth
25:52 The housing market- single family and apartments
30:31 Mortgage rates and home prices
35:35 Price trends, inventory levels and the factors that show promise
37:26 Existing and new home sales
41:02 Housing starts are at a 5-year low
42:47 Closing thoughts
