Having been too financially constrained to buy houses at a normal rate in the previous decade, many of them are now storming into the housing market. Millennials are the largest generation in American history. On the demand side, demographics are the big, invisible engine driving the machine. The longer answer is also supply and demand. So what exactly is happening? The short answer is: supply and demand. It’s a perfect storm.”ĭerek Thompson: ‘This is unprecedented’: Why America’s housing market has never been weirder “But I’ve never seen anything quite like this. “In my time studying housing markets, I’ve seen bubbles and I’ve seen busts,” says Bill McBride, an economics writer who famously predicted the 2007 housing crash. With prices headed to the moon and listings blinking in and out of existence like quantum particles, nobody seems to know exactly when this is going to stop. Percentage of homes selling above asking price: record high. Pick a housing statistic at random, and it’s probably setting an all-time record. So wild, a Bethesda, Maryland, resident recently included in her written offer “a pledge to name her first-born child after the seller,” according to the CEO of the realty site Redfin. So wild, one poll found that most buyers admitted to bidding on homes they’d never seen in person. housing market right now? So wild, half of the houses listed nationwide in April went pending in less than a week.
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