KeyPoints: Real Estate Market Throws a Curveball
- Sales slump: Like Harry Potter on a bad Quidditch day, American home sales took a nose dive in October, diving 4.1% to an annual rate of 3.79 million – that’s dipping into 2010 territory! (Non-Potter fans, that’s a decade low!)
- Fending off the housing Dementors: However, it seems every grey sky has a silver lining even in the housing market. Multiple offers are still to be found, declares economist Lawrence Yun, snapping on his positivity cloak.
Hot Take:
Economical Nimbus 3000 or Market Broomstick Bust?
On the one hand, sales are down. On the other hand, multiple offers are afoot. It’s like we’re living in the real estate version of Schroedinger’s cat box!
Look, 4.1% doesn’t sound like much. But alternating between sleep, coffee and spreadsheets, you’d quickly realize this sales slump is not something to sweep under the rug. In fact, with current figures looking like they’re ready to play the lead in a Back-to-the-Future reboot, we could be in for an interesting ride. Bumpy flight ahead, or just a little turbulence? Only time will tell!
Still, remember every yin has its yang. Our philosopher-economist Lawrence Yun refuses to let us slide entirely into the doom and gloom scenic route. His interview includes hints of life in the market still – multiple offers on homes have been presented and it is far from the ‘Abandon hope, all ye who enter here’ scenario.
Ultimately, it seems the housing market can’t decide whether it is doing a Wicked Witch of the West cackle or a Cinderella ball. This ongoing tug-of-war is perplexing and warrants serious popcorn consumption. Strap on those seat belts, guys, gals and gnomes, because this housing market rollercoaster just took another interesting turn in the saga of 2020! Never a dull moment here in the Chamber of Secrets, is there? But if there’s one thing we know, it’s that Hogwarts didn’t give up on Harry, and we won’t give up on the housing market!
Original article: https://www.inman.com/2023/11/21/existing-home-sales-fall-to-13-year-low-despite-strong-buyer-demand/
