Per Redfin
Homes for sale since five years ago, before the pandemic, has seen a nearly 40% drop
6/22/2023
The number of homes for sale since before the pandemic has seen an extreme decline. After a 6% drop from a year earlier, the total drop from five years ago was at 39% compared to 2018 numbers.
The 6% decline was reportedly the largest decline experienced in 13 months. The report by Redfin detailed certain reasons for this happening.
One reason mentioned was the decline in homebuilding, while another reason mentioned was the declining mortgage rates, reaching record-low levels before shooting up. Chen Zhao, Redfin Economics Research Lead, gave a statement regarding the situation.
Zhao: “People who are sitting on the sidelines, waiting for mortgage rates to decline, should know that’s unlikely to happen in the foreseeable future. If a home that’s in your price range and has everything on your wishlist hits the market, there’s no good reason to wait.”
In November, it was reported that US household debt climbed at the fastest annual pace since 2008 in the third quarter. The data by the New York Fed revealed this, along with how credit card balances surged.
In March, mortgage applications for home purchases fell to a 28-year low. This came as 30-year fixed mortgages jumped over 7%, making it harder for consumer choices in the following months.
See flow at unusualwhales.com/flow.
Other News:
- US household debt climbed at the fastest annual pace since 2008 in the third quarter
- Mortgage applications for home purchases fall to a 28-year low
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