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Prices Near Records, Sales Slowest Since 2009 In Bizarre US Housing Market
The US housing market is becoming entirely predictable. And yet, it's still somewhat remarkable.
That's an odd juxtaposition. With the exception of sunrises, sunsets and other natural phenomena which routinely inspire awe despite being themselves routine, predictable developments tend not to be especially notable.
But these are strange times for US housing, which is being pulled in all directions by elevated rates, record-high prices and an acute dearth of resale inventory, which has created a
I’ve been thinking that mortgage rates dropping to the 5% range would cause a massive flood of buyers and cause prices to shoot back up, but I’m starting to wonder if that’s what’s needed to release a flood of supply? Then again, those sellers would still need a place to live and buyers are already desperate enough that they’ll swallow whatever mortgage rate it takes to get into a house and just hope mortgage rates go down later.