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Number of Home sales plummet...Prices of homes sold hit another record high.

Posted on 10/31/23 at 9:58 am
Posted by sidewalkside
rent free in yo head
Member since Sep 2021
2447 posts
Posted on 10/31/23 at 9:58 am
Posted by grizzlylongcut
Member since Sep 2021
10969 posts
Posted on 10/31/23 at 9:59 am to
Feeling this right now.
Posted by theunknownknight
Baton Rouge
Member since Sep 2005
58337 posts
Posted on 10/31/23 at 10:00 am to
Imagine what’s gonna happen when the fed folds to the government for the 2024 election and lowers the interest rate.

There may be a collapse.
Posted by RogerTheShrubber
Juneau, AK
Member since Jan 2009
268678 posts
Posted on 10/31/23 at 10:01 am to
quote:


There may be a collapse.


It almost has to happen.

Govt heated the economy artificially and its time to pay.
Posted by BabyTac
Austin, TX
Member since Jun 2008
13160 posts
Posted on 10/31/23 at 10:02 am to
Lot of homes around me are sitting on the market for a couple of months at least and going through several rounds of price drops during that time. Two years ago there were bidding wars over asking.
Posted by sidewalkside
rent free in yo head
Member since Sep 2021
2447 posts
Posted on 10/31/23 at 10:04 am to
quote:

It almost has to happen.


It def doesn't have to happen. There are way too many other factors behind home prices than simply interest rates.
Posted by theunknownknight
Baton Rouge
Member since Sep 2005
58337 posts
Posted on 10/31/23 at 10:06 am to
If the interest rates are lowered in the next year, we will have a reverse market crash.
Posted by GetCocky11
Calgary, AB
Member since Oct 2012
52128 posts
Posted on 10/31/23 at 10:09 am to
quote:

On a national level, the average mortgage payment rose 26.2%, or $464, in the last 12 months to $2,234 in August and 2.9%, or $63, from July, the NAR report found.


my lord
Posted by secfballfan
Member since Feb 2016
3181 posts
Posted on 10/31/23 at 10:11 am to
One major issue, we are WAY underbuilt for the future. After 2008 collapse construction of single frailly homes went way down and has not kept up with population. It will take years of building to meet the needs. We may get a collapse, but the long term is still very bullish for home builders
Posted by LSURussian
Member since Feb 2005
128589 posts
Posted on 10/31/23 at 10:12 am to
You're not stout.
Posted by NYNolaguy1
Member since May 2011
21195 posts
Posted on 10/31/23 at 10:13 am to
Whats really complicating this is the number of houses that have <3% interest rates that have no inclination to neither move nor sell.

Those mortgages are costing the banks a lot of money, and with a liquidity crunch going on at the moment there's not a lot of room to compel/give the homeowners a hair cut and buy them out.
This post was edited on 10/31/23 at 10:15 am
Posted by stout
Porte du Lafitte
Member since Sep 2006
171256 posts
Posted on 10/31/23 at 10:14 am to
quote:

There are way too many other factors behind home prices than simply interest rates.



Here come the people to mention inventory levels ignoring the fact that we have a record number of new houses under construction on top of record numbers of multi-family units being built.

Biden also just announced $45 billion to convert office buildings to multi-family.

That and many cities are killing STRs

The inventory issue will soon not be a factor.

Posted by stout
Porte du Lafitte
Member since Sep 2006
171256 posts
Posted on 10/31/23 at 10:15 am to
quote:

You're not stout.



Yea like WTF?
Posted by NYNolaguy1
Member since May 2011
21195 posts
Posted on 10/31/23 at 10:15 am to
quote:

Here come the people to mention inventory levels ignoring the fact that we have a record number of new houses under construction on top of record numbers of multi-family units being built.


That's only relevant if we are approaching demand, which I seriously doubt we are.
Posted by SDVTiger
Cabo San Lucas
Member since Nov 2011
79632 posts
Posted on 10/31/23 at 10:16 am to
we will have a reverse market crash.


Yup and values of Homes are gonna go up another 20%

Venezuala anyone
Posted by Klark Kent
Houston via BR
Member since Jan 2008
67413 posts
Posted on 10/31/23 at 10:17 am to
imagine the sky screaming if stout would’ve had the nerve to start this thread
Posted by stout
Porte du Lafitte
Member since Sep 2006
171256 posts
Posted on 10/31/23 at 10:18 am to
quote:

That's only relevant if we are approaching demand


It's in response to those who claim the market will never go down or crash because there is a lack of inventory. I am not saying there isn't a shortage currently but the shortage issue is being corrected.
Posted by stout
Porte du Lafitte
Member since Sep 2006
171256 posts
Posted on 10/31/23 at 10:19 am to
quote:

Yup and values of Homes are gonna go up another 20%

Venezuala anyone





If true it will be short lived IMO
Posted by CootDisCootDat
St. Charles, The Community
Member since May 2014
1665 posts
Posted on 10/31/23 at 10:20 am to
quote:

Whats really complicating this is the number of houses that have <3% interest rates that have no inclination to neither move nor sell

2.36% here, sorry for partyin’!
11 years left.
Posted by PhiTiger1764
Lurker since Aug 2003
Member since Oct 2009
14118 posts
Posted on 10/31/23 at 10:24 am to
I keep up with the market a little bit in south BR. This is anecdotal, but check out the disparity in list prices currently on the market in that new neighborhood in the curve off Burbank.


The one for $329k sold in summer 2021 for $365k, and was put on the market in July at $410k. These homes routinely sold for $400k+ 18 months ago.
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