(ZEROHEDGE) – A downturn in the residential real estate market could be nearing, Kieran Clancy, a senior US economist at Pantheon Macroeconomics, recently warned. The potential for a major price decline has been on our radar in recent quarters as elevated mortgage rates and record-high prices create an unfavorable environment for buyers.
The only reason housing prices have yet to plummet is because of the lack of housing inventory. That’s the primary difference between the current market and the market during the 2008 housing crash.
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For now, we keep our eyes peeled for the changing dynamics in supply/demand. A new Redfin report might be the first sign inventory is increasing.
