07/24/2024
WHY TODAY’S MARKET IS SO DIFFERENT FROM 2008
Even though there are more homes for sale now compared to last year, the overall supply is still pretty low. Nationally, we have about a third of the inventory we had in 2008. With fewer homes on the market, prices are unlikely to drop significantly.
A repeat of 2008 would require a lot more people selling their homes and not enough buyers, and that’s just not happening, especially since so many people are holding on to their homes right now due to their historically low mortgage rates.
WHY TODAY’S MARKET IS SO DIFFERENT FROM 2008
Even though there are more homes for sale now compared to last year, the overall supply is still pretty low. Nationally, we have about a third of the inventory we had in 2008. With fewer homes on the market, prices are unlikely to drop significantly.
A repeat of 2008 would require a lot more people selling their homes and not enough buyers, and that’s just not happening, especially since so many people are holding on to their homes right now due to their historically low mortgage rates.