Updated 24 days ago on .
April Housing Sales, Lowest Since 2009
This is now the 4th straight year of recession-level home sales. Four years. Not an outlier. This is a trend. We're matching the Great Financial Recession.
Yes, early pending sales data suggest a bump next month. Don't get excited. It's a dead-rat, (I like cats), bounce at best. The first four months of the year were brutal and one uptick doesn't change the big picture.
I'm reading about the "housing shortage" narrative that's getting pushed. But here's the word on the street: when builders drop prices, they sell homes. When sellers stay anchored to 2022 fantasy prices, they don't.
It's not a rate problem. It's a price problem and its always been a price problem.
Lower prices are the only way buyers come back. Until sellers accept that, expect more of the same: stale listings, expired contracts, and a growing army of Accidental Landlords.
