Inventory continues to surge. Potential buyers move on.
Residential Construction Skids, Nonresidential Construction Stagnates. The delay gave markets a break from lousy data.
But deposit-taking banks have pulled back.
San Francisco Bay Area & Seattle lead with biggest multi-month drops since 2012; San Diego, Denver, Portland, Los Angeles decline. Others have stalled. A few eke out records.
Who Wins in a Housing Bust?
Fact is, home prices cannot outrun wages forever.
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