I sure hope this isn’t a repeat of the financial crisis! But new homes for sale have ballooned to financial crisis levels.
Home sales have dropped below year-ago levels, presaging likely declines in mortgage supply and turnover. With completed-home inventories hitting post-global financial crisis (GFC) highs, regional surpluses are emerging as key home-price factors, setting the stage for widening pockets of price weakness in the months ahead.
Contributing to the glut of new homes for sale is the rising prices AND higher mortgage rates.
