Home Sales Down – Home Listings Up
San Diego – Phoenix Home Sales
The biggest Home Sale Crash in 10 Years!
The National Association of Realtors just reported a 14% YoY Decline in Home Sales!
Home Sales Down – Home Listings Up
Homebuyer Demand Crashed hard in California. Where metros like San Diego, Anaheim, and San Jose all experienced a 30%+ decline Home Sales YoY.
Higher Interest/Mortgage Rates, to go along with a struggling Tech Sector, mean the California’s Housing Market will continue to Crash into the future.
The Underlying Source of the Metro Sales Data comes from Redfin.
As will metros “tangential” to California. Such as Reno, NV, Boise, ID, and Austin, TX. These markets had a lot of California Home Buyers come during the pandemic. But now there’s not as many homebuyers, causing a big decline in Home Sales and Surge in Inventory.
Remember how artificially inflated the housing market is with all the LLCs and corporations buying homes to sit empty and calling it a “Shortage”.
To wrap this up, I think that many areas that have seen astronomical, irrational home price appreciation over the past couple of years, are now going to see a similar but reverse price depreciation! I think in many local markets, this depreciation will easily exceed 20% or more from the market tops!
There is a perfect storm forming in America. inflation, severe drought in the farm belt, the pandemic, food shortages, diesel fuel costs, and heating fuel shortages, baby formula shortages, shortage of and price of available cars, and the price of housing. It’s all coming together and could lead to real disaster for our economy.
Always keep in mind, that purchasing or selling a home is a major lifestyle decision, and as such, should not be rushed into. So, by all means, if you’re considering purchasing or selling real estate in today’s market, do your own homework and draw your own conclusions! But, also consult with your legal & financial advisors prior to making your moves.
My opinions here are just that, opinions! The fact that I’ve been in the residential real estate market for over three decades, does not mean that my opinions are going to be any more accurate then your mother-in-law’s opinion, though I sure hope they are!
For those of you who may not be regular readers here is the link to the first warning blog post that I put out; my first post where I called the real estate market top was June 15, 2021 (https://www.brokerforyou.com/brokerforyou/real-estate-market-downturn/ ) . On June 17 2021, I had a follow-up post ( https://www.brokerforyou.com/brokerforyou/real-estate-market-bust/ ) where I added additional indicators, that to me showed that the market was in a topping phase right now! I put the links to each one of those prior post above, and would suggest if you’re interested, to reread those posts!
Buckle up your seatbelt because the downward ride has just started!
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Interested, call Bob Schwartz (619) 286-5604 for additional information
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