NOT IN SOUTHERN CALIFORNIA
Posted on 08/22/2018 5:43:38 PM PDT by BenLurkin
Existing-home sales ran at a 5.34 million seasonally-adjusted annual rate in July, down 0.7% versus June, the National Association of Realtors said Wednesday. That was the lowest pace since February 2016...
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For years, the Realtors have been warning that many would-be buyers, particularly at the lower end of the market, are being priced out. Now they’re also acknowledging that many others are just deciding to sit it out until market conditions change.
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“Three years of exceptionally tight inventory and exceptionally strong price gains are catching up with the market, and are visible both in softer demand from stretched buyers and a still pervasive — if somewhat easier — inventory crisis,” said Zillow Senior Economist Aaron Terrazas.
(Excerpt) Read more at marketwatch.com ...
calling BS on this.
No way this is true in north GA.
I hope to have the old pad on the market soon and be rid of it.
If anyone is looking around NE Columbia in the burbs, I might have something for you.
In my city, homes are going for asking price and more the first day on the market. It’s crazy - wish I could sell but I want to stay in the same neighborhood so it is pointless.
Well, if so, it wouldn’t be the first time the NAR had to...ahem...restate its numbers.
Where I live it has slowed way down.
Too much inventory, including my House.
My escape from CA is being delayed by the slowdown.
See California...That's exactly what has been happening for a long time now.
If it is true, GOOD, it means prices aren’t getting ridiculously out of range with what buyers can offer and sellers will adjust to what the market will actually bear.
The media trying to put a bad spin on the economy. Of course it was way better under Ovomit.
This is a post tax reform market now. State and local taxes play a part as well.
Huge Lefties own it .
Columbia, SC?
Yes, I took it for granted.
Long day and there was a good episode of Alice on Antenna TV so I was off my game.
It’s true in bigger markets. One of the problems is that people are paying inflated prices to buy properties to rent them as VRBOs. Go to any realtor site and you’ll see - if it’s in a remotely desireable area - the “monthly income potential” listed. You don’t make $10,000 a month renting to real people, you make it on providing an unregulated, unanswerable commercial business in a residential neighborhood. And that’s why potential residents can’t afford anything in my town.
The owners of these properties don’t even live here, some of them have never even seen the properties but just collect checks from their management agent, and in the meantime, entire neighborhoods are being destroyed. Heck, entire towns. No residents, no town. Drunken wedding parties do not make up the difference.
Certainly not true in the Houston area. It’s going gangbusters.
Ha! You’re forgiven...
It was the episode where Flo leaves Phoenix.
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