Posted on 08/22/2018 5:43:38 PM PDT by BenLurkin
Existing-home sales ran at a 5.34 million seasonally-adjusted annual rate in July, down 0.7% versus June, the National Association of Realtors said Wednesday. That was the lowest pace since February 2016...
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For years, the Realtors have been warning that many would-be buyers, particularly at the lower end of the market, are being priced out. Now they’re also acknowledging that many others are just deciding to sit it out until market conditions change.
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“Three years of exceptionally tight inventory and exceptionally strong price gains are catching up with the market, and are visible both in softer demand from stretched buyers and a still pervasive — if somewhat easier — inventory crisis,” said Zillow Senior Economist Aaron Terrazas.
(Excerpt) Read more at marketwatch.com ...
So prices have moved beyond what most of these buyers can or are willing to pay.
That situation will correct itself. It’s called the free market.
OK...But I call BS... ;-)
Chinese buyers are the ones giving up.
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