https://twitter.com/RickPalaciosJr/status/158868887009456128...
https://fred.stlouisfed.org/series/ACTLISCOUUS
Listings are still very low compared to pre-pandemic levels not to mention by many metrics there was already a shortage before the pandemic stemming all the way back to the great recession. Some interesting reading:
https://usafacts.org/articles/population-growth-has-outpaced...
https://www.usatoday.com/story/money/2022/10/26/housing-mark...
https://www.pewtrusts.org/en/research-and-analysis/blogs/sta...
https://www.fanniemae.com/research-and-insights/perspectives...
Housing affordability has been demolished with these higher interest rates, so sales will drop off a cliff as we're already seeing with mortgage companies doing mass layoffs.
Certainly, but read these articles. the expert economists and firms. While that may be true it is also true that far fewer people will sell their homes and very few homes will be built exacerbating an already 20 year problem of under building. The USA will have a low demand and low supply problem in the short term but the low supply problem is likely to persist for quite some time (just as it has for the past decade).
Same thing happened when buyers disappeared in 2020 - most of the more marginal homes just got taken off the market, and either rented for a year or given a fresh coat of paint and some renovations to sell for a few hundred K higher in 2021.
Even then, these were 70 year old starter homes.
Basically - if you live in a desirable area, don't expect housing prices to reflect a 35% drop off of the interest rates increasing. Expect to pay roughly 2018-2019 prices, maybe even with 5-10% on top, adjusting for inflation.