In RiskWire Webcast episode twenty-five, hosts Danielle Awabdy and Chief Economist Eric Fox examine the United States (U.S.) housing market as of October 2024. This informative edition of the webcast informs viewers of comparisons between today’s market and the Great Recession while offering a global perspective, including a cross-country analysis of 2024 housing trends, home sizes and prices.
Episode Highlights:
• Despite concerns about a market downturn similar to the Great Recession, current data shows sound lending standards, low rate of foreclosures, and limited housing supply, indicating key differences.
• The average square footage of a home in October 2024 for the U.S is 2,164 sq. ft., compared to countries in Europe such as Spain and Italy, which have an average of 1,044 sq. ft. and 872 sq. ft. respectively.
• U.S. home sizes are following European housing trends, with decreasing square footage in new home construction.
• The lock-in effect continues to sustain throughout the country as 60% of homeowners currently have a mortgage of less than 4%.
Watch the full episode of RiskWire’s Webcast to get an in-depth review of the Fall 2024 housing market: The Great Recession Redux Not Likely, Says Housing Data (youtube.com)
For more information on the housing market and the latest economic trends, check out RiskWire.com today!
