As you can see in the chart above, days on the market falling isn’t a good thing, but it’s the reality of the world we live in after 2010. The U.S. housing market inventory channels have changed due to how the U.S. housing credit channels have changed. This is not, nor can it ever be, like 2008. If it was like 2008, you’re about four to six years too early in 2023. You would need years of credit stress building up, as we saw in 2005-2008, all before the job loss recession data.
One of my themes for existing home sales has been that after a big bounce in one home sales report, we shouldn’t expect too much to happen. We had that bounce in the
Just when I thought days on market were returning to normal, that number for existing homes fell back down to 22 days. Why is this so important to me? If the days on the market are at a teenager level or even lower, it’s never a good sign for the housing market. I would say it’s savagely unhealthy to have that level and even though we’re not there yet, we are dangerously close.
To even get close to that level, we either have a massive housing credit boom, which will eventually turn details ⇒
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