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Thanks Millennials

Record inflation and high interest rates will do that I guess.

Stout is gonna be pissed you started his thread

Sales of single-family homes dropped 1.1% from a month earlier to a 3.6 million pace, also the lowest since the end of 2010.

Existing condominium and co-op sales were down 4.5%

That is the longest monthly streak of sales declines in history which dragged the Existing Home Sales SAAR down to 4.02mm, its lowest since Nov 2010 (below the worst month of the COVID lockdowns).

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Massively high interest rates.

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My first home had an interest rate around 14%.

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Insanely inflated home prices.

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It was only $60,000 though.

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I feel bad for anyone looking to sell but as someone who is hoping to buy his first house in the next 2 years I hope sales and prices continue to crater.

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What is going to make this worse is rent in any decent apartment is continuing to skyrocket. We got lucky and go out in front of the huge housing bubble before our rent went up about $500 a month.

You're getting ready to have a whole group of working-class people that can't obtain a mortgage but will also not be able to afford rent in an apartment.

I keep hoping unimproved ag land near me starts dropping, but it's still high.

And the stock market rips today (opex though)....

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Prices are still inflated quite a bit though.

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Definitely are in my area

New construction homes are going for about 45%-60% more per square foot than they were in late 2020

I'm holding out about another year and hoping it's a more friendly buyer's market

In my local area, new homes (built in the last 5 years) outnumber the previously existing homes, and they are still building more. Existing home sales slowing down is one thing, but what about overall home sales, including new homes?