The data behind this trend is several months lag. Inventories are increasing more rapidly than financial community would like to admit.... Watch background data.
Excluding local & looking overall Big Picture... If u are a seller, do now. If you're a buyer, wait and watch.
2. Declining wages (real income) and rapid inflation in blue/white collar is a major factor. Financial security (optimism) way down. Mid-level home prices overinflated in numerous regions. As buyers contract, inflation bites, home prices will drop.
3. Outlook supported inside the data: "Sales were concentrated in the $200,000-$399,000 price range. Sales below the $200,000 price bracket, the sought-after segment of the market, accounted for a mere 2% of transactions last month."
4. Housing issues (from an economic standpoint) are a bottom up problem (reverse snowball effect).
Hits low tier first (entry level), then mid-tier (upgrading), then mid-high tier (upgrades), then approaches higher tiers.
5. Compare current 2021 position to summer 2005.
The Housing bubble burst in December '05 and rapidly spread outward.... by mid '06, into '07 it was in full collapse.
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