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Sales of existing homes fall for 11th consecutive month
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[quote:Anonymous Coward 84979589:MV81MzQyNzUzXzk4NTgyMDY4X0Y4RTEyNzZD] When you look at this as strictly selling product currently available, yes, the results will look bad. Though, when you take into account what happened to Real Estate over the past 3 years and the real reason why it happened, you realize that this was the inevitable outcome. The Millennial Generation entered "standard" home purchasing age back around 2015. Unfortunately, due to an over inflation in home prices ALREADY and a low inventory of affordable housing, this meant the median value home was largely out of reach for the majority of Millennials entering the housing market. What'd they do? They saved their money so they could obtain a home like they had been wanting. They sat back and waited, figured that housing prices would have to ebb and flow, something had to come down in price. Though, it never did. 5, 6 years later (2020/2021) Prices begin to increase, though thanks to the COVID pandemic, interest rates drop to basically 0%. Making all of those homes mortgage payments suddenly affordable and they bought them, with a 30 year mortgage. The millennial generation is more populous than any other generation. The home inventory necessary to meet demand of "affordable housing" hasn't changed in over 30 years. Almost all new homes built in that time were designed and built for middle class income and have appreciated in "value" that is beyond middle class income affordability. So you have product available but you can't sell it because it's appreciated in value too much... But as cheaper product is made available, that product sells instantly at a WAY over inflated price. So yes, in conclusion, you have a surplus of "Median" value real estate. Unfortunately, you still lack the inventory to meet affordable housing demand in basically every single city in the United States, keeping prices high for the foreseeable future... Or indefinitely. Remember when new houses could be purchased for $25k? Well now you'll say "Remember when new houses could be purchased for less than $250,000?" [/quote]
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Sales of existing homes fall for 11th consecutive month
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