Housing market outlook: Home prices could start falling this summer
How has the year-over-year percentage increase in unsold existing homes for sale compared to historical data since the Great Financial Crisis?
The year-over-year percentage increase in unsold existing homes for sale is currently the highest since the Great Financial Crisis, according to Brian Nick, senior investment strategist at Macro Institute. This suggests that the housing market is facing a significant imbalance between supply and demand, which could lead to a drop in home prices in the near future.
What trend did Compass cofounder and CEO Robert Reffkin observe in the housing market last month?
Last month, Compass cofounder and CEO Robert Reffkin observed a shift in the housing market, with more sellers than buyers and an increase in inventory. He noted that 30% of the inventory on the market had seen a price drop, which is more than any time in the last decade, with supply up by 16%. Reffkin pointed out that it is a different environment and that home prices are starting to come down due to the increased inventory and more sellers in the market.
What has Brian Nick, senior investment strategist at Macro Institute, predicted about home prices for the upcoming summer?
Brian Nick, senior investment strategist at Macro Institute, has predicted that home prices could start falling as soon as this summer2. This is due to the increasing supply of homes and tepid demand from buyers who are pushing back against high prices. The year-over-year percentage increase in unsold existing homes for sale is the highest since the Great Financial Crisis2. This situation is expected to put downward pressure on prices in the next three to six months, potentially leading to a drop in home prices and eroding consumer confidence.