Almost 1/2 million Realtors will be looking for other things to do.
The National Association of Realtors said sales have crashed to the lowest level ever per Realtor. It looks like close to 1/2 million Realtors will be looking for a new line of work in 2023. I am noticing the slowdown already too much more than the 2008 housing crash.
2008 Home Crash All Over Again
As pending home sales have dropped lower than the 2008 housing crash, it is an excellent time to revisit what happened in 2008, as it seems we are going there again. In June 2007, the median Single Family Home price on Oahu was $685,000. It went down and did not recover to $685,000 until December … Read more
Pending Home Sales Have Their Largest Drop Ever.
Even larger than during the COVID lockdown. Much larger than during the 2008 housing crash.
Price Increases Since COVID
It is amazing the price increase since COVID vs. a more normal price increase in the period before COVID. Even if prices drop 20%, the price appreciation is still way over normal.
Single Family Sales Are Down 41.7% Compared to October Last Year.
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First-Time Buyers At All-Time Low
The percentage of sales for first-time buyers is at the lowest level they have ever seen, according to the National Association of Realtors. High home prices combined with high mortgage rates are making it very difficult for first-time buyers, so it is not surprising they are being held back from making a purchase.