Cardi B Delivers Perceptive, Profanity-Laced Analysis of High Home Prices, Rents
Grasping a truth that’s evaded many a Berkeley housing activist and even the administration of Flordia Gov. Ron DeSantis, rapper Cardi B laid the blame for high housing costs and rents on the lack of “motherfucking inventory.”
“The way that the prices soar up, because I’m guessing there’s no motherfucking inventory for the homes they’re selling right now. No one is gonna try to sell their fucking home,” said B in a profanity-laced, sneakily perceptive Instagram rant over the weekend.
The downward pressure that higher interest rates are putting on home prices will offer little relief to homebuyers, the rapper argued, given the dearth of available homes.
“Everyone is like yo when the interest rate is good, is high, that’s great because people have to sell their home for less,” said B. “Bitch, it doesn’t matter if the interest rate is motherfucking high as fuck because there isn’t even inventory.”
No seriously…I want to know how people are surviving… https://t.co/sodp7YdJTY
— Cardi B (@iamcardib) September 10, 2022
B is right about the relationship between inventory and home prices—although the situation at the moment is a little less dire than it has been in the recent past. Inventory is growing, albeit only at the high-end and from a very depressed baseline.
The latest data from the National Association of Realtors (NAR) shows 1.3 million homes on the market as of July—or about 3.3 months of inventory. That’s a marked improvement from January, when the number of homes for sale dropped to 850,000—or 1.6 months of inventory. However, it’s below the 1.4 million home inventory in December 2019, on the eve of the pandemic.
Home prices shot up dramatically during 2020 and 2021 when inventory was at its lowest. The average sale price increased from $271,000 in 2019 to $296,000 in 2020, and $3
Article from Reason.com