"Fear of missing out has morphed into fear of messing up". I think home owners and many potential buyers who went through the GFC (and have the scars to prove it) are being rightfully careful at this point.
— Grateful American (@Gr8fulAmerican) July 24, 2024
🚨Combined Sales (Existing + New) deviating from trend
Far below average
Lowest in 25-year data seriesFor Emphasis:
Below June 2008
Below June 2009
Below June 2010
Below June 2011….you get the driftIf you thought builders were desperate before….😓
Beware sellers 🚒 t.co/BNydtVlXuZ pic.twitter.com/ZJIUNkzJjd
— Melody Wright (@m3_melody) July 24, 2024
New completed homes for sale reached their highest level since 2009 this morning as the housing activity recession shows its teeth #MacroEdge pic.twitter.com/fywG5Dx4iX
— MacroEdge (@MacroEdgeRes) July 24, 2024
Currently $246,000 (22%) less than they paid in 4/2022 (the peak) and still can't find a buyer! #lakewoodranch collapsing. @TrishaFLsun @m3_melody @Lars57360069 @SydneyReilly7 @AustinWhittRE @his_eminence_j @VladTheInflator @holden_bukowski @IGHO_2022 @soldatthetop pic.twitter.com/JLhdPjkTCI
— Kirk Chivas (@KirkChivas) July 24, 2024
The gap between Homebuilder Confidence and Homebuyer Confidence has never been greater. 👇🏼
Which one do you believe?@m3_melody pic.twitter.com/DklJN8X5bi
— Kalani o Māui (@MauiBoyMacro) July 24, 2024
via Yahoo:
Deals are falling through in the housing world. Roughly 56,000 home purchase agreements were called off last month, which translates to almost 15% of homes under contract at the time, “the highest percentage of any June on record,” according to Redfin (RDFN).
“House hunters are having trouble committing because buying a home is more expensive than ever,” an analysis from Redfin published today read. It pointed to the median home sale price, which rose 4% from a year earlier to $442,525 in June, and the average 30-year fixed mortgage rate, which was 6.92%.
Sellers even cut their prices, but it didn’t seem to be enough. About one in five homes for sale last month had a price reduction, the highest amount of any June on record. It was up more than 14% from a year ago and barely below a record set in October two years ago. “Some sellers are reducing their prices because their homes are sitting on the market and getting stale—the result of an ongoing affordability crisis impacting buyers,” Redfin said.
The US housing-market logjam keeps getting worse