Existing U.S. Home Sales Pace Down 6.3% Year-Over-Year in March
U.S. New Home Sales Unexpectedly Decline to Record Low
Existing Home Sales Drop 9.6%
Scan the latest headlines, and you’d conclude that the housing market is a wreck.
What the headlines omit, however, is context: one year ago, Spring home sales were being driven by the looming (April 30) expiration of juicy tax credits for home buyers.
Fast forward one year, and home sales look anemic relative to the fast pace this time last year.
Personally, however, I’m in the middle of my busiest Spring in at least five years.
What accounts for that?
The prevailing mood I’m seeing is a “time to move on” mentality.
Namely, four-plus (?) years into the housing downturn, people whose life circumstances have changed are tired of waiting for the housing market to change.
So, they’re not.
They’re selling for what the market — today’s market — will give them, and turning around and taking advantage of lower prices to buy something bigger/smaller/better-located (for them).