It's getting fun to watch the deniers come up with excuses for every data. * This is seasonal. * This does not apply to Bay area * This time it's different * It's supply constrained, not an indicator of market softening Any others? <> New-home sales declined at a faster-than-expected pace in September. Sales of new single-family houses fell 5.5% month-over-month to a seasonally adjusted rate of 553,000, according to a release Wednesday from the Census Bureau. This marks the weakest rate since December 2016. Consensus estimates among economists polled by Bloomberg anticipated a decline of just 0.6% month-over-month. The median sales price decreased 3.5% year-over-year to $320,000. Home supplies at current sales rates rose to 7.1 months, or the highest level since March 2011, from 6.5 months </> https://finance.yahoo.com/news/sp-trades-lower-boeing-lifts-dow-140722413.html
You have us all convinced. Should we all panic, sell homes, rent, bow down to your factual data point collection skills?
^ people who bought at the peak
It must be draining living in a place where you shit/splooge your pants on every housing related story
Lol
When young americans are in long term high interest rate debt from student loans, how can you ask them to buy homes? Home affordability goes down for them. On the other hand, legal immigrants don't have any stability on their future here in the US and want to buy homes but can't due to an attack on legal immigrants. A good % of buyer driving costs high were Asian foreign investors in bay area buying homes to park money. They did the same thing in Vancouver, Canada.
Federal law should ban nonresident purchases of US real estate. Get fucked, Chinese investors.
☝️I like how you think and I have Chinese ancestry
Yes, I am happy to see this sellers market take a pause. It's not just the rocketing prices, or bidding wars. I was uncomfortable with writing "No contingency" bids. But the worst has to be writing cover letters and making up bullshit emotional stories to purchase something while paying more than a million bucks. So, I'm happy to see some sanity return to the market, where a buyer is not treated like crap with 2-day deadlines, and people buy because they want to live in it rather than flip it.
Interest rates go up, housing price increases decline. This should have happened years ago as the housing market was over heating.
You think you’re only taunting the “deniers”. Remember there’s still a fuck-ton of us renters, still on the sidelines with cash, who want to believe it’s true. Quit being so one-sided with these combative posts.
I'm cool with another crash so I can dump one of my houses that is almost paid off and upgrade to a better location. Thank you Trump for the trade war blocking Chinese speculators and the Fed for raising interest rates. I'm a Democrat, but probably will hold off on voting against Trump for this. MAGA.
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I don't think you understand what any of these I datapoints actually mean, and that's why you are confused. Sales of new homes != price declines. In fact it is usually correlated with the opposite. The stock market cares about new home sales specifically because there are a lot of homebuilders and ancillary companies that are publicly traded and this impacts their earnings directly. 7 months of inventory is normal, although the inventory is still much less in markets like Seattle and SV
> Sales of new homes != price declines Thank you for crapping your knowledge on us, O wise one! I know it's too much to expect people to click through and read the link, but I don't realize people would not even read the fucking extract pasted right in the article. Here, let me paste the relevant sentence and hope that is not too long for you ADHD kids: The median sales price decreased 3.5% year-over-year to $320,000.
You know that median sales prices don't measure actual housing values, don't you? What homeowners care about is "does this mean my house has decreased I value?" The answer is no, it doesn't. That's what I'm referring to when I say you don't understand what this data means. Stick to writing code and leave the serious stuff to the adults.