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THE HOUSING MARKET:
First, HOME SALES.
Year-Over-Year, home sales are down nearly 20%…marking the seventh straight month of declines….and, in terms of WHY, their chief economist noted that “The softness in home sales reflects this year’s escalating mortgage rates” – which, as of a few days ago – have begun to approach 7%.
Second, MONTHS SUPPLY OF INVENTORY.
If you’re in the market for a BRAND NEW CONSTRUCTION…supply has ballooned from 3.5 months at the start of the pandemic…to now, 8.1 months of supply…suggesting that, if you’re a buyer – you’ll have a LOT more leverage than you did in the past.
Third, HOME PRICES.
Even though homes are MORE EXPENSIVE today than they were a YEAR AGO…most of that growth was attained within the first few months of 2022…and, for the last 90 days…home prices have been falling. Nationwide, median prices are currently sitting at “$389,000…DOWN from the peak of $413,000 that was recorded in June.”
Even the Chief Economist for Realtor.com said that, “For homeowners planning to list, today’s market is significantly different than the one from even 3 weeks ago”….meaning, we won’t know the true effects of today – until November.
When it comes to this, The Vice President Of BlackNight Research said that “It would take some combination of a 40% rise in incomes, roughly a 3-percentage-point decline in 30-year rates – or a 30% pullback in home prices” to normalize the housing market.
Now, SOME markets could be hit worse than others – including speculative cities which saw the biggest pandemic price INCREASE, and – the high end luxury market which has already fallen 5% in the last 3 months…but, other markets may continue to increase in price….so, we’ll have to take a wait-and-see approach.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/