Crazy economics.
The supply of a product increases, demand remains level, and prices decrease.
There is a 8,000 square foot home built during the supply chain crisis just down the street. It’s been empty for more than two years.
I don’t think I believe this.
October is typically a time when house listings drop because it’s off season for home buying. Spring and summer is when the number goes up.
This means there is more supply than demand. This is a direct result of high interest rates and rising insurance (and HOA) costs. The money brokers have made it so it’s cheaper to rent than to own.
Do you remember someone saying “you will own nothing and be happy”. This is part of that globalist goal.
I’m not saying there’s anything inherently wrong with renting. It gives people the freedom to move as needed without the added burden of selling and buying a house (if they are going to buy again). The downside is when they retire they will still have to pay rent indefinitely at a rate they might not be able to afford rather than the goal of retiring with a paid-for home or at least a low payment. Huge difference in financial quality of life.
Did new home prices collapse for similar houses or did builders just realize that if they want to stay in business they'll have to build 1500 square foot houses that can sell instead of just 4000 square foot ones that have no buyers.