Pending Sales Just Fell Below 2008 Levels
Pending home sales just hit their lowest level on record since the NAR started tracking them in 2001—and they fell in all 50 of the country's biggest metros. Winter hasn’t even begun yet, and we’re already seeing the massive effects of high mortgage rates, low affordability, and overall economic pessimism. And with inventory rising, it raises the question: how do we avoid housing-crash territory?
I made four key predictions a few months ago: transaction volume would fall, new listings would drop, inventory would rise, and home prices would flip negative (nominally). The dominoes are lined up…
The skinny
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