I’ve got a glimmer of good news. The 3.99 million homes selling this year matches the absolute low number of transactions occurring during the Housing Crisis of 2008-2010. After declining 2.2% in August to a new low, Sales have rebounded 1.5% last month! We appear to have bottomed out and are heading out of the canyon depths.
Additionally, Inventory rose 1.9% from August to 1.60 million homes, representing a 4.8-month supply. After the supply shortage we’ve lived through these last five years, home buyers now have more options to choose from. Look at me being all positive and stuff.
Technically, mortgage backed securities look to have also hit the bottom and are rebounding higher—meaning lower rates on the horizon.
