re: New Single Family homes listed for sale hits highest level since 2008

We'd like to go down to a 3/2 and maybe 1700 sq ft with a smaller yard. Just less to keep up with as we are getting older.

We have an older house that we bought when prices were still low from the '08 downturn and we refinanced it during Covid at 2.3%. Our mortgage is cheaper than I could rent a crappy 2 BR apartment for these days.

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They are slightly but not as much as they should be IMO.

High rates, high inventory, they should be plummeting.

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Variety of factors for this

We don't have a lot of people that have to sell yet. Selling is optional so many are not as motivated to lower prices.

A lot of people who bought at the peak aren't ready to accept losses so they are holding on.

People need all of the equity they can get to afford their next purchase so they are holding on.

There hasn't been a catalyst to cause price drops like in 2009

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There hasn't been a catalyst to cause price drops like in 2009

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Link the information and graphs in the OP

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They won’t

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Then they won’t be selling, perhaps their children will..

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That is starting to change as the market cools

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In April 2019 there were 1.137 million homes for sale, in March 2024 there were 694,000.

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In April 2019 there were 1.137 million homes for sale, in March 2024 there were 694,000.

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Link? Because NAR says otherwise

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Total housing inventory registered at the end of March was 1.11 million units, up 4.7% from February and 14.4% from one year ago (970,000). Unsold inventory sits at a 3.2-month supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023.

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LINK

St Louis Fed

yeah im going to trust the FED over a group of realtors

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New house is 1/2 the size of the current one, but still $100k more than the current one was when we bought it in 2019.

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That's what I see too. A smaller house, that's new'ish is 150k more than what we paid for this one. Ours has increased in value too, but given that it's older, not as much as newer houses.

Why did you move?

We're a few years away from wanting to downsize, but we'll stay in this one if it doesn't make financial sense.

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If boomers are going to be selling homes, where will they live?

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I think the better question is if prices don’t come down, who is going to be able to afford these boomer homes. They generally have larger SQFT and are dated. That combination results in expensive updates.