We Have Officially Arrived At A Moment In Housing Nationwide – Yes according to Miller Samuels
Two different markets show the same trend for somewhat different reasons:
- High-cost markets seeing a slowdown in sales due to the uncertainty of the impact of the December 22, 2018, federal tax law as it relates to the housing market.
- The balance of the U.S. market has crossed an affordability threshold after years of rising housing prices, years of chronically short inventory levels, years of nominal wage growth and now…rising mortgage rates. There is buyer fatigue out there and more are starting to take a break from the merry-go-round until more certainty returns. Here’s the relevant news feed on this:
— Southern California home sales crash, a warning sign to the nation [CNBC] — U.S. New-Home Sales Dropped in June [WSJ] — Existing-Home Sales Slide, Thanks to Soaring Prices [Realtor.com]