Even All-Cash sales plunge 22% as investors don’t feel like overpaying either. The 2023 version of spring selling season is here.
Single-family construction still dominates, but its share of residential construction falls to the lowest in decades.
High demand by renters of choice trying to outwait the housing turmoil pushes up actual rents in a range of 6% to 8%.
But unlike homeowners, homebuilders know how to sell into a down-market: by cutting prices. So a shift to new home sales.
A harbinger for closed sales in April and May.
Even Miami lost ground. Spring selling season is a dud so far. And the banking crisis hasn’t even made it into the data yet. That’s still to come.
Investors lost interest too: Sales to all-cash buyers plunged 24% year-over-year.
Prices rose in March, but are down 17.5% year-over-year, the second-worst in the data. Sales -34% year-over-year.
Where is demand for homes supposed to come from when the population keeps declining?
Lot of demand and supply gone in equal, with no net impact on inventory, but huge impact on sales, commissions, profits, and jobs.