If I told you more homes this week went into contract than last year at this same time, would that surprise you? How can that be? Well these are both supply-constrained markets. So while overall demand is much lower this year, there are still fewer homes on the market than we have demand for. And inventory fell again this week.
This is not a story of too much demand. In fact, 2 out of 3 home price leading indicators are down year over year. We have some demand, but consumers are very price sensitive. But we can see the sales pace picking up from last fall’s total shutdown.
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