Housing Recession?

[tsptalk]

Homebuilders say U.S. is in a ‘housing recession’ as sentiment turns negative

KEY POINTS

The National Association of Home Builders/Wells Fargo Housing Market Index dropped 6 points in August to 49. Anything below 50 is considered negative.

This marks the eighth straight decline in the index.

“Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession,” said NAHB Chief Economist Robert Dietz.

https://www.cnbc.com/2022/08/15/us-is-in-housing-recession-homebuilders-say.html

 

[Bullitt]

Interesting that in late June Lennar said on their earnings call that it was just sticker shock and that there is still a housing shortage. How many purchased a second home in the midwest in hopes of working from home the rest of their life? The work from home story will get killed once layoffs start to pick up.

 

[tsptalk]

Home sales fell nearly 6% in July as housing market slides into a recession

Sales of previously owned homes fell nearly 6% in July compared with June, according to a monthly report from the National Association of Realtors.

Sales fell about 20% from the same month a year ago.

“In terms of economic impact we are surely in a housing recession because builders are not building,” said Lawrence Yun, chief economist for the Realtors.

https://www.cnbc.com/2022/08/18/hom...s-housing-market-slides-into-a-recession.html

 

[tsptalk]

We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers and buyers

Sales of existing homes were down last month by 20.2% to 4.8 million properties from 6 million a year earlier.

However, the median price last month was $403,800, up 10.8% from July 2021, and homes are still selling quickly.

There are implications for buyers and sellers, who may already be seeing shifts in their local market.

https://www.cnbc.com/2022/08/23/what-a-housing-recession-means-for-homeowners-buyers-sellers.html