This guy has been drunk on the doom juice for so long that he must never get out of his bunker!
If he did, he would see the overwhelming demand for every new listing, even though underwriting standards are strict and rates are going up. Of the 140 NSDCC sales last month, 36% were all-cash.
https://journal.firsttuesday.us/san-diego-housing-indicators-2/29246/
Here’s what he said in July when the YoY changes were lower:
https://www.bubbleinfo.com/2021/07/08/san-diego-home-pricing-by-tier/
From Bill at CR:
Current Situation: There is no evidence that higher mortgage rates are slowing demand, and inventory remains at record lows (and supply remains constrained). Interesting times. Stay tuned.
https://calculatedrisk.substack.com/p/thoughts-on-housing-supply-and-demand
Stuff in my (VenCo) ghetto is going pending 1-2 weeks at/near list. Those are aggressive list prices by the way. The reason for the “lengthy” on market times are because even long time area residents often don’t know this neighborhood exists.
We are not even seeing early signs of a slow down.
A lot of people went from the low tier to high tier in 1 yr or less…..despite not having moved!!!
that is banana pants.