Housing Bust Inventory Surge
The Housing Bubble is turning into a Crash. Buyers are dropping out of the market and inventory (aka homes for sale) is surging. This is likely to get worse in the future because Mortgage Purchase Applications – a forward looking indicator of Housing Demand – keep declining.
States with massive surges in Homes for Sale include Idaho, Utah, and Arizona.
Housing Bust Inventory Surge
In Phoenix, Maricopa County shows a huge 59% increase in housing inventory. Also in Yavapai County (Prescott, Az) has a 54% increase and Pinal County, Az, has an astonishing 133% increase in housing for sale!
My former home area in San Diego CA had just a very modest increase of 10%. But, many inland counties in California are experiencing large home inventory increases.
I don’t think the coastal areas of California will be immune to the housing market bust, it’s just that currently, the big housing inventory increases seem to be in the inland counties, where typically more new housing developments were built because of the lower cost of land.
In the video, the underlying source of the inventory data comes from Realtor.com. Check out their data archives at the following link: https://www.realtor.com/research/data/
There is a perfect storm forming in America. Inflation, severe drought in the farm belt, the pandemic, food shortages, diesel fuel, 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 toward the end of this year. (or sooner)
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 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!
Housing Bust Inventory Surge
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