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This should be obvious, but the usefulness of this information for one's own situation diminishes the larger the scale of measurement becomes.
For the entire USA, this is only a snapshot of very, very aggregated data and may have absolutely nothing to do with market conditions where someone lays their head to rest.
Yes the median sales price increased YOY, but only a small bit and there seems to be a fairly drastic slowdown since Septemberish. Just because there was a small YOY increase doesn’t mean that there is nothing negative happening.
I know things have been very fast since 2016, but something seems to be up recently. I think it’s worthy of discussion.
I have no idea why posters are calling this click bait, it originated with the standard economic report that came out on Tues. It was reported in Market Watch. It is a standard monthly report.
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there is no direct link to that fact until rates are way high ..
our best appreciation always has been when mortgages were in the 6-7% range through out the decades .. the economy and local markets are a much bigger factor . when rates rise people just tend to buy less house but demand continues . in fact buying usually gets a boost as people want to buy before they can afford even less house . that puts pressure on supply and quality of the homes as supply of quality falls off , especially on the lower more affordable end . .
a lot of the issues with existing home sales slowing is lack of quality supply . my son put his home up for sale in scarsdale ny . within hours of listing people were offering bids . by the 2nd day a bidding war started and by the 3rd day it sold .
people were writing him heart wrenching letters about how bad they want the house because the quality and attractiveness of homes are at a low .
he ended up catching a home the day it listed too and bought within 1 day .
much of the quality stuff was snatched up already .
i know where we had a 2nd home in the poconos we sold in 2012 .. the home resold again in 2014 ...
there are so many homes still listed for sale back from 2012 when we first listed . they are just not desirable looking .
there can be 100 homes for sale but the only home that counts is the one our wives like . it is not like a stock where they are all the same and greed , fear and perception are the factors .. nope , each home sells only because someone finds it attractive or meets their needs regardless of how many are for sale.
as the supply of in demand quality resales fall off so do the sales of existing homes , but that is not because of lack of demand or buyers , it is just lack of quality supply .
Last edited by mathjak107; 01-24-2019 at 04:11 AM..
This should be obvious, but the usefulness of this information for one's own situation diminishes the larger the scale of measurement becomes.
For the entire USA, this is only a snapshot of very, very aggregated data and may have absolutely nothing to do with market conditions where someone lays their head to rest.
precisely.
other than what a large-scale news article does to affect consumer confidence - Giants' in this case - it has little bearing on your local market.
Now, if your local market is dominated by folks cashing out in CA and driving demand and prices in your town, then absolutely - what's going on in CA has a direct affect on your town's real estate. Normalcy could return.
Think of it as a person who decides to start running. When they start, maybe they can only do a 10 minute mile. But they make great progress, dropping 1 minute, 2 minutes, 3 minutes until right now they're running a 4 minute mile. Do you expect them to keep dropping their time at the same rate? Do you expect them to ever break the 4 minute mark?
I have no idea why posters are calling this click bait, it originated with the standard economic report that came out on Tues. It was reported in Market Watch. It is a standard monthly report.
how many 10 year decisions do you make based upon 1 piece of information?
I have no idea why posters are calling this click bait, it originated with the standard economic report that came out on Tues. It was reported in Market Watch. It is a standard monthly report.
You don't find the headline of the article to be sensationalized?
how many 10 year decisions do you make based upon 1 piece of information?
Absolutely none. But isn't this 1 piece of all the information you should have / consider / review?
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You didn't look at the jobless claims, and all the rest that came out today?
It's a report, like all the rest, based upon numbers that come out every month.
I really don't get the negative reaction.
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