These double-tops are weird. Prices coming off the second top. Only Miami home prices hit new high.
Price Cuts and mortgage-rate buydowns, though costly for homebuilders, make new houses more attractive.
Median price of existing homes dropped further, high was June 2022, demand collapsed, active listings highest in 4 years, days on market rise.
Inflation might not go back into the bottle voluntarily, and these mortgage rates – considered low in 1970-2000 – might stick around.
When will it get messy for our Drunken Sailors? Not now.
The 20-City Index dips off a beautiful double-top. Some metros saw new highs.
Homebuilders do what it takes to sell homes in this market while sales of existing homes have collapsed.
With uncanny precision?
The plunge in mortgage rates in Nov and Dec blew up the hedge for the rate buydowns: surprise cost on top of the regular costs of buydowns.
In 19 months, prices in San Francisco dropped nearly as much as in the first 19 months of Housing Bust 1. Bay Area is well behind. We’re keeping score.