The decline in Home Sales is reminiscent to what occurred at the start of the 2022 Housing Crash. Especially in Housing Markets like Las Vegas, Phoenix, and Los Angeles, where data from Redfin shows that both Sales and Prices are down significantly over the last 2 months.
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Redfin Home Sale/Price Data:
Something to remember that this is also a Global Housing Crash. Home Prices are not only going down in America, but also countries like China and New Zealand. The global nature of this Housing Downturn likely means that the Crash will be longer and more severe than anticipated. The only other 2 Global Housing Downturns were in the Great Depression and Great Recession.
Home Prices are even starting to go down in a Housing Market like Miami. Median Sale Prices in Miami are down by 3% in the last two months even though Inventory is still well below pre-pandemic levels. Other Florida Markets like Orlando and Cape Coral are also experiencing declining prices.
Interestingly – the Northeast Housing Market is still hot. Metros like New York, Boston, and Philadelphia still have inventory levels and prices have not gone down by too much. I suspect there might be a shift in migration back from the South to the Northeast.
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