House prices down $265,000 from peak, down $60,000 from year ago. America’s most majestic housing bubble begins to deflate.
Homebuilder Toll Brothers just said it out loud.
The underlying dynamics changed in August and have worsened since. And this is still the tech boom.
Homebuilders not amused.
Seattle home prices drop at fastest pace since Housing Bust 1. Feeble declines in San Francisco, Denver, Portland, etc. Flat prices in others. Condo prices in NY City suddenly jump.
The inflection point was July. Conditions have deteriorated since.
The inflection point: sellers got the memo and cut prices.
Mortgage rates are climbing faster than the 10-year Treasury yield.
Seattle prices fall sharply. New York condo prices nearly flat for the year. First feeble declines in San Francisco, Dallas, Denver, etc. Something is afoot.
Hot air is hissing out of this market.