Pending Home Sales Fall
The housing market just went negative yet again. Pending home sales in the US have DECREASED over the last 2 months in a row. I share all the details in today’s housing market update including a real estate update on home prices thanks to a brand new report from Corelogic.
This is a very good video with a lot of good information and statistics. But whether intentional or unintentional, no mention is made of the fact that the decline in pending home sales is occurring during the traditional strongest time of the year for real estate sales!
Pending Home Sales Fall
Yes, in residential real estate, the traditionally strongest time for activity occurs through May June July and August. Besides the good weather during this period, homebuyers with children usually like to be in their new house prior to the new school year. Therefore, this. Is a very busy time for residential real estate professionals.
Now, to have what started out as a strong market, seem to go negative during the traditional yearly strongest market time, I think is a major indicator that has totally been ignored in this video.
As I said many times before, major changes in the real estate market, are totally different than what occurs in the commodities or stock markets. Traditionally, real estate markets move very slowly. One of the reasons for this is to close the average sale usually runs 45 to 60 days from the time the contract is accepted. So, what I’m saying here is the real estate market doesn’t turn on a dime. Usually once it does start to turn, as I believe it has been doing over the last few months, didn’t come out and always say it’s a minor correction, or a correction back to normal, a slight fullback or the always popular phrase… A normal pullback giving buyers a chance to jump into the market.
Based on the length of this residential real estate bull market, and most important of all, the magnitude of the price increases we have seen over the last couple of years, as I said before, I believe the entire residential real estate market is in a topping out phase which is about to enter a steep decline.
For those of you have not been following my blog, my first post where I called the real estate market top was June 15, 2021 (https://brokerforyou.com/brokerforyou/real-estate-market-downturn/ ) . On June 17 I had a follow-up post ( https://brokerforyou.com/brokerforyou/real-estate-market-bust/ ) where I added additional indicators, that to me showed that the market was in a topping phase right now! I put the links to each one of those prior post above, and would suggest if you’re interested, to reread those posts!
Pending Home Sales Fall
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