Housing Market Remains Out Of Sync...

The housing market remains out of sync with the broader economy as affordability is depressed, but an improvement in supply and demand dynamics.

We went through a mini boom in the days of the pandemic, however it seems the overall economic recession has slowed the housing market!

The monthly supply of homes in our own market is now high, however with the higher mortgage interest rates has still put downward pressure on affordability. With higher end market homes be affected the most.

The supply crunch is still active in our market and home price growth has cooled down due to the higher mortgage interest rates. Higher home prices do hurt particularly the younger/or new homebuyers. Mortgage rates must come down and home prices must be in the market trend of current market.

Bottom line, the U.S. housing market and our own current market remains out of synch. Home prices still high, affordability remains constrained. There are glimmers of hope, including the rising supply of homes. Remember the basics of the economy..."WHAT GOES UP WILL COME DOWN". We are in the correcting curve...lets hope a healthier balance between supply and demand appear in the horizon.