“Tens of thousands of real estate agents are giving up on the profession, thinning their pandemic-era ranks as the housing market comes back to earth.
Why it matters: Realtors are on the ground floor of the real estate market, making them well positioned to notice when it’s cooling off, thus providing less opportunity to cash in.
By the numbers: More than 60,000 have exited the sector over the last six months, according to data from the National Association of Realtors, analyzed by Reventure Consulting.”
The decline in the aggregate Leading Index continues to worsen – larger decline than 89 and 00, not as substantial as 07 currently.
Somewhere between 00 and 07 is where we stand now. https://t.co/k0yOaC4NQI pic.twitter.com/sKtlBF7IRX
— Don Johnson (@DonMiami3) September 24, 2023
The housing market is the least affordable its been for decades
The average American buyer faces one of the most unaffordable housing markets, where first-time buyers would need to earn as much as $90,000 in 2022. Now, housing prices sit at an almost four-decade-high unaffordable level.
Read more: https://t.co/0b45I7FM7D
— unusual_whales (@unusual_whales) September 24, 2023
Home sales fell to their lowest level since January in August (even as prices rose 3.9%) — This is because homeowners are reluctant to sell their homes and lose their low mortgage rates.
Homebuilder sentiment has also turned negative for the first time in 7 months, as the number…
— Andrew Lokenauth | TheFinanceNewsletter.com (@FluentInFinance) September 24, 2023
Home prices are now contracting at levels only seen 2 times before – Both ended in deep recessions
h/t TonyLiberty