A Housing Downturn Has Begun
The latest MReport reports “A housing downturn has begun, according to researchers at Trulia. However, there’s no need to panic—this downturn will likely emerge quite differently from the one a decade ago, the researchers say.
What’s signaling the current downturn beginning to take shape is primarily declining sales volume. This is typical of housing downturns. First sales decline, then prices follow a year or two later, said Trulia economists Issi Romem and Cheryl Young in their recent outlook.”
“Sales volume growth began to slow in 2014, plateaued in 2016, and then began to fall in spring 2018. For the past several years, sellers have had the upper hand in an inventory-starved housing market, but this is beginning to change.
“Housing market indicators such as days on the market (which have finally stopped declining), inventory (which is finally building up), and price cuts (which are growing more common), all indicate that sellers are facing greater difficulty in selling,” Romem and Young said.”
“Changes in prices should also be mild and gradual, the researchers say. In fact, the current downturn may eventually bring prices down slightly, or it “could merely involve only a prolonged period of slower price growth.”
Sellers Are Facing Greater Difficulty in Selling
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