The hope in early January has been unwound.
52% of the homes listed for sale last spring still have not sold. For sellers, “the situation calls for a clear strategy: cut prices.”
Unwinding years of price gains as homebuilders try to make deals.
“Dripping down, down, down. Frustrating that the housing market is not recovering”: National Association of Realtors
Seattle prices drop 5.1% in five months, most since Housing Bust 1; San Francisco Bay Area, Los Angeles, San Diego, Denver, Portland all decline.
But for the markets: “No Data is Good Data”
But these are still the good times.
With Seattle’s economy still strong, the downturn isn’t caused by layoffs & defaulting mortgages. The fabulous bubble has run out of steam on its own
But this time it’s not a result of a tech bust. That hasn’t happened yet.
Sales decline to steepen, no respite in sight.