Pending sales is going down consistently for a month now and new listings rate keeps going up and up. (Note it’s not fully reflected in sales data for 30 days) Really early in housing season for this to happen. Are we about to see market implode?
Big crash coming soon
Are the lines historical data?
Min 30% crash in next 6 months. According to home owners, it will go up by 30% in next 6 months
There is no crash coming, No one can afford to sell. The only way it will crash is if there is massive widespread unemployment
It’s called layoffs. 27k from Amazon, 10k from Microsoft, a few thousands from G, FB, others. H-1Bs leaving, etc If there are only 40k tech jobs lost and only 5% sell houses that’s an extra 2000 houses on the market
New listings still lower than other years
But it’s exceeding pending sales by a lot now
It hasn't imploded already? Unless someone urgently needs homes to park money, who in their right mind will be buying now?
Plenty of suckers people just FOMO all their money (mostly Indians nowadays) when they see McMansion being built by Pulte or Toll brothers in my area. Even when a 5 yr old home next to it sells for 10% less they don’t even bother checking.
Well, Toll Brothers can be irresistible to some.
1981 is repeating. Sales crater but prices barely budge. We are basically entering a market deep freeze thanks to sudden “ultra” high rates.
In 1980s, most of the sales happened via assumable mortgage and few more creative financing hacks.
Interesting. Where there is a will there is a way lol
OP: don’t confuse pending sales with prices. Fewer people are selling their houses (don’t want to give up their 2-3% rates), but that doesn’t mean the prices themselves will go down.
perfect timing
Good
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Tomorrow is Monday and I feel
Hopefully!