re: Average New home price biggest drop since 2008

quote:

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Inventory is on the rise as sales have dramatically slowed and people under contract are backing out which is increasing the inventory issue.

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Not sure where you are exactly but Cypress area has tons that were 2-3 days on HAR that are under contract. They just get gobbled up.

We just accepted offer on our house yesterday. Got almost what we were asking, my wife wanted to reject it. I said we need to sell NOW

Interesting follow up...for the last couple of years I've bugged the GF to sell her house. She spent all summer fixing it up, putting new flooring, etc and put it on the market 2 weeks. Got an offer 20k below asking on first day (Tuesday)

Then, we talked about it and she is convinced the market wont crash like 2008. We also were looking for places and with the interest rates up with the down payment, etc everything we were looking at (smaller) was going to be way more expensive than her current mortgage and much smaller.

So, change in plans, took it off the market and I'm moving in. Saving over $1,000 a month for me. Will see what the market holds in a couple of years.

help an old man with bad eyes. What are the absolute numbers in dollars? I an see the % is about 11% in bottom chart, but that doesn't make sense as the price seems to be at 570k but now well below 500 (ok I see in top right 456,800), so seems like a bigger % drop than what is indicated on the bottom graph..
570-456=114. 114/570= 20%?

Thanks

Hope things work out for you.


My long term hope is that, when the kids are out of the house, my wife and I can sell the current property and relocate.

May not be possible depending on a potential collapsing market we are leaving or explosions in costs where we want to end up. I just know I want out of Louisiana long term, especially if there are few things keeping us here should our parents pass on.

SECTION 8 FINNA EAT

Can drop sometime after I sell and before I buy.

home interest rates actully didnt go up after the last fed raise. very suprising

Looks like I did my home equity LOC at the perfect time!

Just in my subdivision alone(Central) there are now 3 houses for sale and have been for almost a month now. They have all reduced prices drastically and still no buyers. Now granted I never thought they would get what they were asking at first anyway.

The 3 years prior to this any house that was listed for sale was gone in a week or less.