The U.S. Housing Market Looks Headed for Its Worst Slowdown in Years


#42

Please refer to my looooong post on the Jason “The Machine” Chan thread…

Way, way too many sales in the last few months (at least in the Sunset) to remotely call it even a cool down. I mean, look at what Mr. Chan has sold recently. Amazing. Cash offers, one week closes, 2M prices. That is not remotely a crash…


#43

That’s 3 months ago back in April. Ancient history. Way more inventory now compared to last year. That will drag prices lower, no?


#44

Not all of the sales right are that old, right? Ultimately if we see DOM go up a lot and reductions to LP on a wide scale, then I would say we have issues. Still a lot of demand in the 1M range.

Oh, just to give you an idea on the rental scene. I went ahead and listed my studio, no kitchen inlaw for way more than I thought is reasonable. 10 emails today already.


#45

Inventory won’t drive prices lower until DOM is six months.


#46


#47

So if everyone on here agrees housing prices are flat, now what?


#48

It hasn’t been flat for a while. Feels weird to see a flat price or even slight drop


#49

I think its more than a slight drop, I’ve seen 10% in some cases. There were flat periods or slight dips, but not this much so quickly and not for so long.


#50

So flippers are getting killed now? How many flippers here? Who is hurting?

When you see flippers are resting all day long, start selling


#51

Where at?


#52

Everywhere… santa clara, san jose. other areas such as sunnyvale, or los altos or MV might be less, but still dropped nevertheless. Just look at any sales in the past week and compare with sales in March/April.


#53

Here’s one in the bad part of sunnyvale:


Same street, same size house. 1.58 in April, 1.30 in August


#54

IT’S CRASHING DOWN!!! :scream: :scream: :scream:


#55

Fab 7x7 market is chugging along. I have yet to see evidence of long, sitting homes dying on the vine. Keep in mind how quickly houses around here sell. A slightly longer period to sell really doesn’t mean much if they end up selling anyway.


#56

Here’s another in MV:


Same exact size (probably same floorplan). 3.78 in April 3.41 in July


#57

How come I saw so many price cuts lately?


#58

Not in my hood…Sunset, Forever!!!


#59

South Bay has crashed hard. Is there any hiring freeze? I don’t believe it’s affordability alone. Affordability induced slowdown should be more gradual

How about SF, peninsula, and east bay?


#60

In SF, there are 24 SFH on market that had price cuts in the last 30 days. Do a search on Redfin.


#61

That’s not terribly different from last year. I think SF is holding up much better. When will Uber and Airbnb IPO?

I never favored South Bay and now it has crashed first :disappointed_relieved:

One sign is that quite a few prople bought this year after a long wait. Maybe too few buyers left.