The biggest barrier to prices going down is that sales are needed to prove it. Back in the old days when we had foreclosures, the banking rules forced lenders to keep selling their REOs, regardless of price. But who or what is going to force regular homeowners to sell...
We knew at the beginning of June that we wouldn't get to 200 sales, just by the number of pendings: NSDCC June Listings and Sales Year # of Listings # of Sales L/S 2015 527 340 1.55 2016 513 312 1.64 2017 416 360 1.56 2018 476 299 1.59 2019 435 282 1.54 2020 448 274...
The frenzy wasn't going to last forever. Coming off the initial covid months, everyone thought the red-hot market was an acceptable reaction to the way our world had changed. But it's gone too far, and somebody had to do something - and the Fed is going to do it...
Realtors are saying that the market is slowing, and Marc D. suggested that we define what that means: A slowing market is when fewer active listings are priced to sell. It is a result of..... Fewer buyers - Higher mortgage rates priced out some or most of the buyers...
Economic_Forecast_May_22 We're going to be hearing for months about how sales are dwindling. It's mostly due to comparing 2022 stats to last year's numbers, which were the most frenzied-up numbers ever. But it is also due to it being a market for the affluent now....
The new market conditions will bear some resemblance to the past, but to believe that real estate sales will be 'getting back to normal' some day would be full of false hope. Rob Dawg said it long ago - we need to abandon all previous assumptions. Let's start with...
These professors rank today's home pricing relative to the long-term trend for each metro area. San Diego's 24.75% premium only gets us ranked #62 in the nation! Here are the Top 100:...
This is an example of the hysteria being whipped up by the pseudo-experts. They tend to grab fake data, jump to conclusions, and then spread it everywhere. Here is the tweet with comments - he says the +31% is the change between March and April:...
Last year's frenzy was crazy because of the volume - there were enough listings to drive sales higher than usual. This year we don't have as many listings, and it is driving the pricing to astonishing heights: NSDCC Sales and Pricing, April Year NSDCC Detached-Home...
The drastic drop in inventory seems devastating, but check out the closed sales: NSDCC Number of Listings & Sales, First Quarter Year NSDCC Total 1Q Listings Median List Price 1Q Closings Median Sales Price 2018 1,230 $1,592,500 569 $1,323,000 2019 1,277...
