The relevant fact here, I think.
Also, isn't it true that a significantly high number of homes were bought with cash (no mortgage)? Not many have that kind of loot just lying around...
Also, a lot of investors are the ones buying up most of the homes (mostly foreclosed ones) in order to flip them, either now or at a later date when (if?) the economy recovers.
Reminds me of FR back when housing was going to hell... Posters attacked anyone with common sense! When (in Central Florida) a developer advertised a "Free Harley with your Home Purchase..." (FOR REAL), I knew it was soon to go down the drain!
For Realtors and assorted housing types..., it is ALWAYS a good time to buy!!!
All real estate is local. Here in Sacramento sales of existing houses have been very hot relative to supply for about a year and a half, though somewhat cooled off the last couple of months. Hot as in multiple offers above listing price the first weekend. Now it’s getting to be a more “normal” market, but still way better than the last five years before that.
Must be an election coming up. The state controlled “media” toads are starting to pimp for their DemocRAT “massas” hard. And I mean hard.
From other reports I have read, any present pick-up in “Existing home” sales is mostly churning among “existing home” owners, of any and every variety thereof because what is missing in all home sales is that not many are “first time” home buyers AND it is there that real housing market expansion comes.
In essence it seems that only existing home owners moving for one reason or another, and investors - not first time home buyers - are registering most all of the pick up in home sales. It is a false positive for home builders in general, though there are local markets that are contrary to any nationwide stats.