The housing market is not heading for a crash, and here are three reasons why. Firstly, the inventory of homes for sale is still below the normal level, with the months’ supply of existing homes averaging 4.1 in 2024, compared to 10.4 in 2008. Secondly, builders are not overbuilding; they are simply catching up after years of underbuilding. Lastly, foreclosure filings are currently very low, with 2024 seeing fewer than 100,000 filings. Lawrence Yun, Chief Economist of NAR, reassures that the market is not at risk of a repeat of the 2008-2012 crash, citing the absence of risky subprime mortgages and the overproduction of homes.
Source: Keeping Current Matters
Ready to sell? Know your home’s worth, click here.
Homes for sale in Carmel Valley click here.
Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
