How to ruin a good thing! Look to raise interest rates and impose tariffs on important inputs to the housing sector. While there is a slowing down, the overall market is still strong compared to recent years but our forecasts for next years are being dampened as these influences water down the red-hot housing market.
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Price goes up – Demand goes down. Those areas with greatest price inflation are experiencing the biggest declines in existing home sales. West region has seen biggest price increases (+4.8% in August) and existing sales are down -7.4%. Lack of existing homes for sale, combined with too expensive new homes to move to, are keeping sales in the negative range, with no expectation of turning around.