Adults Here Realize That The Housing Market Is Beginning To Normalize

[Althea]

After the Covid rush, the market for new/existing homes is beginning to normalize. Prices are still high, but dropping.

Existing homeowners are in a very good financial position.

Don't listen to those who would propose that the 'sky is falling'.

It's just demand for overpriced housing that is falling.

Those with money are still building/buying.

“In terms of economic impact we are surely in a housing recession because builders are not building,” said Lawrence Yun, chief economist for the Realtors. “However, are homeowners in a recession? Absolutely not. Homeowners are still very comfortable financially.”

The good news:

“The median home sales price continued to climb, but at a slower pace for the fifth consecutive month, shining a light on how downshifting buyer demand is moving the housing market back toward a more normal pace of activity,” said Danielle Hale, chief economist at Realtor.com. “A look at active inventory trends shows that home listings were nearly twice as likely to have had a price cut in July 2022 compared to one year ago.”