No, that’s pretty accurate. There is new construction, but not nearly enough, and more importantly not dense enough to satisfy demand.
People still want to live in cities, but often denser buildings are blocked. And people that want to live in suburban areas can’t afford the homes being built.
People who want to live in rural areas are fine, because the demand for those homes is so low. Not many people want to live in bumfuck Ohio.
All-cash sales accounted for 29% of transactions compared with 26% a year ago. Distressed sales, including foreclosures, represented only 2% of transactions, virtually unchanged from the previous year.
This is about existing home sales. From what I can tell (on very limited information) new home sales are still at normal levels. People who don’t have a house are buying a new one, as are people looking to upgrade.
No, that’s pretty accurate. There is new construction, but not nearly enough, and more importantly not dense enough to satisfy demand.
People still want to live in cities, but often denser buildings are blocked. And people that want to live in suburban areas can’t afford the homes being built.
People who want to live in rural areas are fine, because the demand for those homes is so low. Not many people want to live in bumfuck Ohio.
Thank you for taking the time to explain!
Seems cash is becoming king again?
This is about existing home sales. From what I can tell (on very limited information) new home sales are still at normal levels. People who don’t have a house are buying a new one, as are people looking to upgrade.