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.
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 …
Even larger than during the COVID lockdown. Much larger than during the 2008 housing crash.
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.
Investors seem to think so based on the 1-year stock declines for the biggest Real Estate public companies.