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Sales of existing homes fall for 11th consecutive month

 
Anonymous Coward
User ID: 84644867
United States
01/23/2023 10:46 AM
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Re: Sales of existing homes fall for 11th consecutive month
This is a good thing and shows inflation is tamping down another qtr like this and we will be at or close to the desirable rates.
Anonymous Coward
User ID: 81680631
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01/23/2023 10:51 AM
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Re: Sales of existing homes fall for 11th consecutive month
If we put a limit on how much property a company or person can purchase, stop foreigners from buying property here, guard the border and put a moratorium on legal immigration, all this building would end and that would be great.
Anonymous Coward
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United States
01/23/2023 10:56 AM
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Re: Sales of existing homes fall for 11th consecutive month
Keep an eye on the Case-Shiller Index...

[link to en.wikipedia.org (secure)]

That is one of the most accurate charts out there. As you can see, it is plunging drastically.
 Quoting: Base12


Thanks for the info!

That led me here: [link to www.corelogic.com (secure)]

This is core logic's insights of where we are now and heading the rest of 2023.
GenieInABottle
God Bless the Russian Federation!

User ID: 72775616
United States
01/23/2023 11:05 AM

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Re: Sales of existing homes fall for 11th consecutive month
just got a flier from a local real estate agent that shows her local sales and things. 13 of the 20 home sales she showed, were sold for less than asking.

this is bay area cali.
when we start thinking about the things we're missing,
we forget about the things we have.
Anonymous Coward
User ID: 84979589
United States
01/23/2023 11:11 AM
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Re: Sales of existing homes fall for 11th consecutive month
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?"
Anonymous Coward
User ID: 81680631
United States
01/23/2023 11:15 AM
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Re: Sales of existing homes fall for 11th consecutive month
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?"
 Quoting: Anonymous Coward 84979589


I had a man from India tell me that property in India is much higher than in the US, so Indians do better by selling property in India and buying it here. Just so much foreign BS like that. We have to stop the international crap so that US people can have homes in their own nation!
Anonymous Coward
User ID: 72647173
United States
01/23/2023 11:19 AM
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Re: Sales of existing homes fall for 11th consecutive month
Lions and tigers and bears oh my!
Anonymous Coward
User ID: 81680631
United States
01/23/2023 11:19 AM
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Re: Sales of existing homes fall for 11th consecutive month
EVERYTHING in the US is for sale to the highest bidder from anywhere in the world. That's not a "nation".
Bullshit Scam Artists
User ID: 77746148
United States
01/23/2023 11:57 AM
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Re: Sales of existing homes fall for 11th consecutive month
I’m sick of seeing 200,000 dollar houses listed for 950,000 bucks.

People who are doing this are fucking criminals.

Granted I don’t like government interference, but it’s total bullshit what people are doing to others.

They remind me of the vermin who sell 40 dollar concert tickets for 500 bucks.

Fucking scam artists, all of them.
Anonymous Coward
User ID: 80638402
Mexico
01/23/2023 12:03 PM
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Re: Sales of existing homes fall for 11th consecutive month
They will crash everything then buy cheap to resell high again !!

Wash, Rinse, Repeat is a classic, never fail
Anonymous Coward
User ID: 81680631
United States
01/23/2023 12:08 PM
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Re: Sales of existing homes fall for 11th consecutive month
I’m sick of seeing 200,000 dollar houses listed for 950,000 bucks.

People who are doing this are fucking criminals.

Granted I don’t like government interference, but it’s total bullshit what people are doing to others.

They remind me of the vermin who sell 40 dollar concert tickets for 500 bucks.

Fucking scam artists, all of them.
 Quoting: Bullshit Scam Artists 77746148


Well, they interfere in some things and don't interfere in others causing an extreme imbalance. They should make limits on how much property a person or company can own that isn't connected to their own homestead and not allow foreigners to buy any of it. Also, they need to stop all this excessive immigration.
Anonymous Coward
User ID: 73110566
United States
01/23/2023 12:44 PM
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Re: Sales of existing homes fall for 11th consecutive month
I’m sick of seeing 200,000 dollar houses listed for 950,000 bucks.

People who are doing this are fucking criminals.

Granted I don’t like government interference, but it’s total bullshit what people are doing to others.

They remind me of the vermin who sell 40 dollar concert tickets for 500 bucks.

Fucking scam artists, all of them.
 Quoting: Bullshit Scam Artists 77746148


Realtor estimates are all over the place.

My house has a 130k variance (I rounded off to the nearest 10k).

Zillo: 460
Trulia: 460
RealtyTrac: 500
Redfin: 510
Remax: 530
Realtor: 590


Last year during the height the Zillo estimated was 530k, so Zillo has knocked off 70k from the value.

We paid 100k for this place 40 years ago.
Eilonwy

User ID: 85141745
Canada
01/23/2023 12:45 PM

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Re: Sales of existing homes fall for 11th consecutive month
"The average median existing home price increased 2.3% in 2022, from $358,800 in December 2021, to $366,900 in December 2022."

 Quoting: MadCitySleeper


house prices went up, not down.

you're welcome.

lmao
 Quoting: Anonymous Coward 85143370


Thread: The best part of being smart is
“A grower of turnips or shaper of clay, a commot Farmer or a king--every man is a hero if he strives more for others than for himself alone.”
Lloyd Alexander, The Castle of Llyr
Anonymous Coward
User ID: 78499833
Russian Federation
01/23/2023 12:57 PM
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Re: Sales of existing homes fall for 11th consecutive month
The large majority of people 25 years and younger will never have the opportunity to own a home simply because they will never earn enough money to afford it. They will rent a cheap place with roommates or live out their entire life with their parents. All by design.

If I was in this age group, I'd be fighting mad.
JB1969

User ID: 85131826
United States
01/23/2023 01:07 PM
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Re: Sales of existing homes fall for 11th consecutive month
Neighbor just put house up, had Open House scheduled for two days after list. They were under contract before Open House for 240k-ish more than they paid in 2020.
 Quoting: ThereRMeds


location?
 Quoting: Anonymous Coward 85143587


Central Florida
 Quoting: ThereRMeds


Florida and a Texas are still booming. I’m in Portland, Or. prices haven’t really dropped, but have definitely flattened out. Things are still selling. There’s very little inventory. Nobody wants to leave their low interest rate mortgage.
JB
Anonymous Coward
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01/23/2023 01:07 PM
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Re: Sales of existing homes fall for 11th consecutive month
The large majority of people 25 years and younger will never have the opportunity to own a home simply because they will never earn enough money to afford it. They will rent a cheap place with roommates or live out their entire life with their parents. All by design.

If I was in this age group, I'd be fighting mad.
 Quoting: Anonymous Coward 78499833


I bought 40 years ago with a 30 year mortgage.

It can still be done, but only if things remain stable.

I had friends that lost everything in 2008, including their pensions because the corporations they worked for went under. They had to sell their homes and move into apartments, and some had to go back to work. I saw some of the same things after 9/11 when things crashed in 2001.

I always prepare for the worst, and hope for the best.

hf
Anonymous Coward
User ID: 76509910
United States
01/23/2023 01:22 PM
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Re: Sales of existing homes fall for 11th consecutive month
Not surprising since houses have been over priced like a lot of other things. People drive the prices and when you have a home on the market for 125 thousand with 3 buyers and all making over market and over asking price offers and the 175 thousand bid wins, as the seller are you going to turn it down ? Other sellers see that and raise their asking price and even more idiots line up to bid it higher. And many on here bitch daily about housing prices so they should be happy
Anonymous Coward
User ID: 84853788
United States
01/23/2023 01:23 PM
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Re: Sales of existing homes fall for 11th consecutive month
In my area good homes are still going fast and for asking price or above. Shitboxes and quick flips are taking longer and seeing modest price drops. Inventory is still pretty low.
Midwest
JB1969

User ID: 85131826
United States
01/23/2023 01:47 PM
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Re: Sales of existing homes fall for 11th consecutive month
I’m sick of seeing 200,000 dollar houses listed for 950,000 bucks.

People who are doing this are fucking criminals.

Granted I don’t like government interference, but it’s total bullshit what people are doing to others.

They remind me of the vermin who sell 40 dollar concert tickets for 500 bucks.

Fucking scam artists, all of them.
 Quoting: Bullshit Scam Artists 77746148


Well, they interfere in some things and don't interfere in others causing an extreme imbalance. They should make limits on how much property a person or company can own that isn't connected to their own homestead and not allow foreigners to buy any of it. Also, they need to stop all this excessive immigration.
 Quoting: Anonymous Coward 81680631


They shouldn’t allow foreign nationals to own property in the US. A lot of other countries do this.
JB
Anonymous Coward
User ID: 85021416
Canada
01/23/2023 01:51 PM
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Re: Sales of existing homes fall for 11th consecutive month
About 2 years ago the wife and I started scoping out homes in Florida. At that point, we could get the same house (specs) in Florida as we have here in Indiana for the same price & payment.

We had a time line of May 2023 to put our house up for sale. If we put our home up for sale in May we will still make a hefty profit. The market here in my county has not changed much, our profit margin has only changed about 3% since the fed began raising the rates. It's still a buyers market here as well.

The problem is we can't get the same house for the same price anymore and even if we found a diamond in the rough, the high interest, payment and payoff has priced us out of the market.

For the same payment we have here, we would have to look at mobile homes in Florida! We're in a holding pattern.
 Quoting: Anonymous Coward 20521666


Honestly, I’d recommend you look outside of Fl; Alabama, South/North Car, unless you’re willing to fix up Hurricane damage or live in the middle of nowhere I don’t think Fl is gonna drop for a while.
Anonymous Coward
User ID: 81680631
United States
01/23/2023 02:09 PM
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Re: Sales of existing homes fall for 11th consecutive month
I’m sick of seeing 200,000 dollar houses listed for 950,000 bucks.

People who are doing this are fucking criminals.

Granted I don’t like government interference, but it’s total bullshit what people are doing to others.

They remind me of the vermin who sell 40 dollar concert tickets for 500 bucks.

Fucking scam artists, all of them.
 Quoting: Bullshit Scam Artists 77746148


Well, they interfere in some things and don't interfere in others causing an extreme imbalance. They should make limits on how much property a person or company can own that isn't connected to their own homestead and not allow foreigners to buy any of it. Also, they need to stop all this excessive immigration.
 Quoting: Anonymous Coward 81680631


They shouldn’t allow foreign nationals to own property in the US. A lot of other countries do this.
 Quoting: JB1969


I don't know why US people didn't raise hell about this long ago- a segment of them making money I guess. No sense of nationalism, just a quick buck here and there by whatever means.
Anonymous Coward
User ID: 72558093
United States
01/23/2023 02:10 PM
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Re: Sales of existing homes fall for 11th consecutive month
its winter here...noone buys in winter here anyhow..
In5Dgregg

User ID: 82322852
United States
01/23/2023 02:32 PM

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Re: Sales of existing homes fall for 11th consecutive month
Economists are baffled...
Don't mistake my easygoing demeanor as a weakness
Anonymous Coward
User ID: 80200832
United States
01/23/2023 02:35 PM
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Re: Sales of existing homes fall for 11th consecutive month
Smart money will sell real estate at its top, and buy Bitcoin at its bottom.

When the mania in digital assets resumes, they'll sell Bitcoin at its top, and buy into the depressed real estate markets.

As with all wealth cycles, timing is everything.
Base12

User ID: 78222180
United States
01/23/2023 02:51 PM

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Re: Sales of existing homes fall for 11th consecutive month
Keep an eye on the Case-Shiller Index...

[link to en.wikipedia.org (secure)]

That is one of the most accurate charts out there. As you can see, it is plunging drastically.
 Quoting: Base12


Thanks for the info!

That led me here: [link to www.corelogic.com (secure)]

This is core logic's insights of where we are now and heading the rest of 2023.
 Quoting: Anonymous Coward 20521666

Wow. People really love Florida. Desantis is doing well. Life is good over there apparently.

I'm jelly.
Visit my website...
[link to www.mostholyplace.com]
Anonymous Coward
User ID: 20521666
United States
01/23/2023 03:15 PM
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Re: Sales of existing homes fall for 11th consecutive month
About 2 years ago the wife and I started scoping out homes in Florida. At that point, we could get the same house (specs) in Florida as we have here in Indiana for the same price & payment.

We had a time line of May 2023 to put our house up for sale. If we put our home up for sale in May we will still make a hefty profit. The market here in my county has not changed much, our profit margin has only changed about 3% since the fed began raising the rates. It's still a buyers market here as well.

The problem is we can't get the same house for the same price anymore and even if we found a diamond in the rough, the high interest, payment and payoff has priced us out of the market.

For the same payment we have here, we would have to look at mobile homes in Florida! We're in a holding pattern.
 Quoting: Anonymous Coward 20521666


Honestly, I’d recommend you look outside of Fl; Alabama, South/North Car, unless you’re willing to fix up Hurricane damage or live in the middle of nowhere I don’t think Fl is gonna drop for a while.
 Quoting: Anonymous Coward 85021416


I wish that was a option, but we have family that has retired there and we are retiring as well. Just want to be close to family.
Anonymous Coward
User ID: 5252712
United States
01/23/2023 06:43 PM
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Re: Sales of existing homes fall for 11th consecutive month
"The average median existing home price increased 2.3% in 2022, from $358,800 in December 2021, to $366,900 in December 2022."

 Quoting: MadCitySleeper


house prices went up, not down.

you're welcome.

lmao
 Quoting: Anonymous Coward 85143370


Right, this fact is contrary to the GLP notion that there will be some crazy crash in prices. But, there's no inventory, inflation affects almost all assets, new build is greater than the mean average of a house in the USA, and many buyers are still paying cash.

My market is extremely busy, in the off season. 4 buyers to 1 house.
 Quoting: Pabamus V


There’s plenty of overpriced houses on the market, a house is worth what someone will pay, not what inventory says. The bubble popped, why deny reality. The people who were willing to pay $10,000 a month mortgage for a starter home, are all idiots dying from the vaxx.
 Quoting: Anonymous Coward 76923886


Sellers are too tied up in Zillow's "mark to fantasy" valuations that they still display, even though people are no longer paying those prices. I mean, if I were Zillow and REdfin and the other RE sites that bought houses to flip I wouldn't publish mark to market pricing data until I had dumped al of my houses at elevated prices first.
Anonymous Coward
User ID: 5252712
United States
01/23/2023 07:00 PM
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Re: Sales of existing homes fall for 11th consecutive month
The SFH boom is over. The next housing boom is multi-unit "affordable housing" in cities. My city recently passed sweeping zoning changes that will allow duplex, triplex and even quadplex units to be built on 1/4 and 1/3 acre lots, whether on vacant land or where existing SFH houses are. The only catch is that the lots can't be tied to existing HOAs and similar covenant restrictions already in effect. Buying vacant land in and around cities without HOA restrictions is the best "buy low" RE investment going forward. Land is relatively cheap but will become more valuable as the zoning changes take effect (here they take effect June 2023) and developers switch gears from SFH to multi-family units.
Anonymous Coward
User ID: 84783041
United States
01/24/2023 06:15 AM
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Re: Sales of existing homes fall for 11th consecutive month
The USA is hopeless.

Everything is illegal, but only the little people must obey the law.

The US is so corrupt now that the only way to become rich is to work for the 1% as actors, politicians, reporters, Gestapo, or soldiers.

Anyone who accepts the NWO gets welfare, a paycheck, or a sale. Anyone who defends freedom, balanced budgets, and peace is called a racist nutjob, gets banned, gets an IRS audit, is arrested, tortured, or killed.

There is no chance that the elites will restore the Bill of Rights, pay off the debt, or end the wars and Americans don't care.

Soros, Clinton, Bush, Trump, Obama, and Biden will never go to jail.

You can't vote because the US is not a democracy.

Americans can't protest because protesting is illegal.

You can't join a militia because militias have been infiltrated by the FBI.

You can't escape the US because the borders are closed and the world is a police state.

You don't have years or decades to prepare for the US collapse.

Soon the stock market will crash, the USA will start WWIII with China, Russia, Iran, and North Korea, and Americans will be sent to the concentration camps.

The only realistic option right now seems to be is to dropout and go Galt by moving to a small town in North Dakota and buying guns, gold, and food.

You hate to say that the sky is falling, but the sky is falling. How much more proof do you need?

Pass the word.
BRIEF

User ID: 79662918
United States
01/24/2023 09:43 PM

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Re: Sales of existing homes fall for 11th consecutive month
Economists are baffled...
 Quoting: In5Dgregg


No, it's no mystery that home prices soar when the economy is doing well and the cost of borrowing money is cheap...Borrowing should not be cheap, you should have to think twice before going into debt...

Everyone who wants a job, has one...but many are still living on Covid handouts...We were already heading into a labor shortage, and paying people to stay home and NOT work made it ten times as bad...

I hope they have learned their lesson, shuttering the supply chain fucked a lot of people up...
I never forgive and I never forget

I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked.

Briefcut4892





GLP