The Biden administration on Wednesday released a new report that shows how the U.S. could boost its use of solar power to as much as 45 percent of U.S. electricity use, an effort that could help the U.S. meet goals to limit climate change.
The Energy Department study outlines three possible scenarios including two in which the U.S. grid is 95 percent decarbonized by 2035 and an ambitious third one in which the grid is fully decarbonized by 2050. One way to fulfill that scenario would be to have solar power comprise 45 percent of electricity generation by 2050.
To reach the target, the U.S. would need to produce twice as much solar energy annually as it did in 2020 over the next four years before doubling the output again between 2025 and 2030.
The forecast for the fall US housing market is lower temperatures—and a cooler real estate market, if only by a few degrees. The housing market is expected to shift to something closer to normal this fall, real estate experts say. They anticipate more homes will go up for sale, helping to slow down the unparalleled price increases and bidding wars of the past year.
But real estate is likely to remain highly competitive, as there will still be many more buyers than homes to go around.
“We’re going to exhaust the pool of buyers who are still sitting on a lot of cash looking to buy their next home,” says Realtor.com® Senior Economist George Ratiu. “The market does not have a magical way of sustaining this pace [of price growth], because you’re going to run out of people who can afford it.”
However, that doesn’t mean that home prices, whose national median hit an all-time high of $385,000 in the week ending Aug. 14, will drop in the fall US housing market. In fact, prices increased 8.6% year over year that week. But that’s significantly less than the 17.2% annual rise in April.
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Today’s hot housing market is one of the peculiar outcrops of the pandemic. Housing supply was already low before Covid-19, but it was further hampered as lockdowns took place and people began looking for new homes, driven by a host of reasons—from the desire to leave populated cities to better home offices or just fear of missing out (FOMO). So what does the Fall real estate market have to offer?
The Federal Reserve’s steps last year to keep the financial markets liquid and to ensure mortgage rates stayed low have continued. But the low mortgage rates pale in comparison to soaring housing prices in the past year.
Home prices nationwide, including distressed sales, grew by 17.2% in June 2021 compared with June 2020—a record high, according to the latest CoreLogic report. And while there have certainly been hot seller’s markets in the past, none quite compare to the current market where more than 50% of homes for sale have fetched over the asking price.
“We’ve been tracking housing prices for over 20 years, and we’ve never seen anything like this,” says Frank Nothaft, chief economist at CoreLogic.
Historically, the Fall real estate market ushers in less competition and better deals as children return to school and the holidays overtake schedules. But the pandemic altered that trend last year, and many cities are going through double-digit percentage increases in housing prices.
To get some insight into what prospective buyers and sellers can expect as we enter the midpoint of summer, Forbes Advisor spoke to housing experts across the country to get their forecast on home prices, rates and buyer appetite in the Fall real estate market.