OK folks we know that sales are down big time compared with last year. We know that listings are also down and so list/sales are robust.
MOI is still around 6 months +/- though and higher in some areas (see Larry's site).
The average pice and median in these circumstances mean very little. If wealthier buyers are still in the market or the homes sold are the cream of the crop, then both these numbers will be up.
What we will have to look for is the HPI to see which way we are trending.
Another View of American Exceptionalism
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Last week, I outlined the case for fiscal dominance (see Will the Next Fed
Chair Matter Much to Policy?). U.S. debt to GDP is rising and not
stabilizing. I...
23 hours ago
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