US housing market slows. Sales of previously owned homes in July down 20% compared with July, 2021. Price increases moderating.
https://www.cnbc.com/2022/08/18/home-sales-fell-nearly-6percent-in-july-as-housing-market-slides-into-a-recession.html
@Coctaanatis Home prices around here have dropped quite a bit in the last few months, yet all the renters I know are getting hit with rent increases. Something doesn’t add up.
@Coctaanatis However, home prices are of course still inflated to the point where those renters still can’t afford to buy.
@sanau Real estate tends to be boom or bust. We've had the boom. My expectation is that house prices will stagnate for a few years before the cycle repeats.
The lack of affordable housing, especially rental housing, is a real problem and one that's getting worse. It's become too difficult to build new rental housing and the lack of new units is pushing up rents.