Also 1.2 million unexpected EXTRA deaths from COVID in the US alone.

nope

https://www.cnn.com/2023/10/19/homes/existing-home-sales-september/index.html Facts I was going to post from the other site but I'm sure CNN is better.

nope

and once again, you of course have a citable source to refute that?

and once again, you of course have a citable source to refute that?

nope as in that not having an effect on the employment data

I dont get the impression that the market is going down by much. I drove west from Edmond to the NW Expressway and Counsel area and seeing all the huge apt as well as housing development, someone is buying or renting all this new housing. Its a massive amount of development. I have no idea of east of Midwest city or south in the Norman/Moore area or the Yukon/Mustang area. The metro must be having huge population gains. I expect the numbers in the next 5 to 10 years to show this.

So what is going to have to give? Can we continue like this? https://x.com/KobeissiLetter/status/1715779234335948975?s=20 I would assume it's not that bad in Oklahoma?

So what is going to have to give? Can we continue like this? https://x.com/KobeissiLetter/status/1715779234335948975?s=20 I would assume it's not that bad in Oklahoma?

Should have let the market crash. It's tough, but short-term pain for long-term gain. Now, people are suffering hard before the market crashes anyway.

I just did a quick search of the Edmond area for homes under $300K. In the Edmond area which is usually a bit higher then other areas, there are a fair number of homes to be had in that price range. Homes that would be starter homes or a bit above that i would guess a couple or even a single person with an average job could afford as long as they did not have a huge amount of other debt. Maybe a 1200 to 1600 sq ft house on a small to ave sized lot is not what they want but it seems do able. My 3 cents.

By the way they are in areas a person would want to live. I would guess, Yukon, Mustang and the Moore/Norman area would be similar.

nope as in that not having an effect on the employment data

Your 4D chess is so far beyond my understanding

Yes we had a pandemic and multiple years of declining birth rates and life expectancy, that will happen.

Declining birth rates have absolutely nothing to do with employment. Maybe birthrates 18 ~ 25 years ago. We also have imported 8 million undocumented people just so far this year so ........

Buying at $300k w/ 20% down puts your monthly payment near $2k/mo (7.92%)

Using 35% of your income to go towards housing, that calculates out to ~$65k/yr income.

A 4.5% rate is near $1,500/mo. (~$51k)

Buying at $300k w/ 20% down puts your monthly payment near $2k/mo (7.92%)

Using 35% of your income to go towards housing, that calculates out to ~$65k/yr income.

A 4.5% rate is near $1,500/mo. (~$51k)

That 20% down is a huge ask for most people.

That 20% down is a huge ask for most people.

Come on Teo, you don't have 60k in the bank account to put down on a 300k house? /Sarcasm

Come on Teo, you don't have 60k in the bank account to put down on a 300k house? /Sarcasm

I stopped eating avocado toast and now can put down 60k. Easy!

I stopped eating avocado toast and now can put down 60k. Easy!

heck i stopped avocado toast and drinking latte's and i can afford to buy the house in cash. it's super easy

Stated another way with that example, a person with $65k income needs to have saved up a year of gross pay for that down payment. What would be the annual income requirements for a 35% DTV loan on a $300k if the down payment is only 40% of annual income?

That 20% down is a huge ask for most people.

Considering that 48% of Americans can't cover 3 months worth of expenses than yes

Buying at $300k w/ 20% down puts your monthly payment near $2k/mo (7.92%)

Using 35% of your income to go towards housing, that calculates out to ~$65k/yr income.

A 4.5% rate is near $1,500/mo. (~$51k)

Granted that buying a home like this on a single income can be a challenge. ( I am single and bought my first home 700 sq ft on 2 ac in Edmond right out of college with a 12 % FHA loan was not the easiest thing. I worked a part time job for many years too. I only kept that place for 2 yrs before selling for 3 x the price. Ok that is not a normal thing, point being buy what you can afford. I could be a 700 sq ft home on a small lot in a decent area for a first home. When you can then move up. A couple with 2 incomes of even $45K a year so total of $90K or even less should be able to save up for the down payment if they watch their spending. No eating out, basic meals of say pork chops, baked potato and a veggie. No fancy coffee drinks, take a lunch of left overs or simple sandwiches for lunch. Buy only needs not wants. Live in a tiny apt. SAve, save save and work a second job and save all that. Heck even rent a room from say an older person. No parties. Just go to work. Live on the cheap. Save save save. Then you have the money for a down payment on a small house. Just dont buy a money pit. Live in the small house. Save up, get promoted or find a better job. Save and then get the better house. It can be done.

Granted that buying a home like this on a single income can be a challenge. ( I am single and bought my first home 700 sq ft on 2 ac in Edmond right out of college with a 12 % FHA loan was not the easiest thing. I worked a part time job for many years too. I only kept that place for 2 yrs before selling for 3 x the price. Ok that is not a normal thing, point being buy what you can afford. I could be a 700 sq ft home on a small lot in a decent area for a first home. When you can then move up. A couple with 2 incomes of even $45K a year so total of $90K or even less should be able to save up for the down payment if they watch their spending. No eating out, basic meals of say pork chops, baked potato and a veggie. No fancy coffee drinks, take a lunch of left overs or simple sandwiches for lunch. Buy only needs not wants. Live in a tiny apt. SAve, save save and work a second job and save all that. Heck even rent a room from say an older person. No parties. Just go to work. Live on the cheap. Save save save. Then you have the money for a down payment on a small house. Just dont buy a money pit. Live in the small house. Save up, get promoted or find a better job. Save and then get the better house. It can be done.

Wow. The true American dream! I hope this fictitious couple doesn’t have student loans or happen to get pregnant.

Save live below your means and pay off debt then save. Sure not everyone can but if you dont work toward it then what??? If a couple has high debt, high student loans, low paying jobs and then had 4 kids then life will be rough. They would have issues even getting a decent apartments. Ok what would a 3 bed apt cost them a month??High debt then how would they even get approved to be able to rent??

More seriously if they do as you say have high debt and then have kid number one and say live in a one bed, then have kid number 2 and cannot afford a 2 bed and then what?? They might be on the road to being homeless. ie more debt not being allowed to live in a one bed with 4 people. I did not say life is great but work hard, save and do the best you can.

And set your target for what you can afford. I bought my first house in gatewood my first semester in law school (1994). It was a 2 bedroom bungalow that had been a section 8 rental in the less desirable area of gatewood. Wall heater, n a/c. Paid 17k for it which made my payment $200 month which with a roommate was very affordable. There was a duplex with a third garage apartment around the corner that was a better deal but it was $58k and couldn't afford it even though better deal.

Point is.....no one needs a $300k first home if they can't afford it. There are plenty of decent homes in the $120-150k range that would be great first homes but they may not be downtown. My mother in law lives at sw104th and May in a nice safe clean kept neighborhood in a 3 bedroom ranch. The homes in that area run in the 150k range.

And set your target for what you can afford. I bought my first house in gatewood my first semester in law school (1994). It was a 2 bedroom bungalow that had been a section 8 rental in the less desirable area of gatewood. Wall heater, n a/c. Paid 17k for it which made my payment $200 month which with a roommate was very affordable. There was a duplex with a third garage apartment around the corner that was a better deal but it was $58k and couldn't afford it even though better deal.

Point is.....no one needs a $300k first home if they can't afford it. There are plenty of decent homes in the $120-150k range that would be great first homes but they may not be downtown. My mother in law lives at sw104th and May in a nice safe clean kept neighborhood in a 3 bedroom ranch. The homes in that area run in the 150k range.

The problem is it is not 1994. adjusted for inflation you paid the equivalent of $35,000 in 2023 for the house in Gatewood. Go try to find anything anywhere in the metro for $35,000 today

The house you said you couldn't afford in 1994 is approx. $120k in 2023.You then point to 150k homes as current options.

Everyone knows you don't buy more than you can afford and you don't start out in a half a million dollar house. It's just that these 30 year old examples people are giving are useless as these scenarios simply don't exist today.

Most people don't put 20% down. I think the average is something like 13% now. First time buyers can get into a home for no money in some cases right now as the market is favorable to getting your closing costs paid. At any rate 3 - 3.5% will do the trick so long as you can qualify. When rates were super low you needed a lot of cash to buy, now not so much.

The problem is it is not 1994. adjusted for inflation you paid the equivalent of $35,000 in 2023 for the house in Gatewood. Go try to find anything anywhere in the metro for $35,000 today

The house you said you couldn't afford in 1994 is approx. $120k in 2023.You then point to 150k homes as current options.

Everyone knows you don't buy more than you can afford and you don't start out in a half a million dollar house. It's just that these 30 year old examples people are giving are useless as these scenarios simply don't exist today.

exactly this... i finally got my parents to understand the difference when they now see the house they bought in 1977 for $38k is now $247k when it sold in 2022. it took actually showing them an example of opportunities in their life just don't exist anymore...

EDIT: misstyped 247k as 347k... so corrected it

Join the military and you are eligible for a no down payment VA loan.

Join the military and you are eligible for a no down payment VA loan.

yep it is very nice

And set your target for what you can afford. I bought my first house in gatewood my first semester in law school (1994). It was a 2 bedroom bungalow that had been a section 8 rental in the less desirable area of gatewood. Wall heater, n a/c. Paid 17k for it which made my payment $200 month which with a roommate was very affordable. There was a duplex with a third garage apartment around the corner that was a better deal but it was $58k and couldn't afford it even though better deal.

Point is.....no one needs a $300k first home if they can't afford it. There are plenty of decent homes in the $120-150k range that would be great first homes but they may not be downtown. My mother in law lives at sw104th and May in a nice safe clean kept neighborhood in a 3 bedroom ranch. The homes in that area run in the 150k range.

Agree but the those 150,000 homes are going away quickly. Trulia search only pulls up 60 homes in the OKC metro area in that price range. Of those I wonder how many are move in ready?

Agree but the those 150,000 homes are going away quickly. Trulia search only pulls up 60 homes in the OKC metro area in that price range. Of those I wonder how many are move in ready?

When you say move in ready, are you thinking no work to be done, already fixed up? My first was move in ready but required a lot of work to get it where it was nice.

When you say move in ready, are you thinking no work to be done, already fixed up? My first was move in ready but required a lot of work to get it where it was nice.

What is being said is the situations that applied decades ago do not apply today. The game has changed. Some will thrive and many many young people will become bitter.

The problem is it is not 1994. adjusted for inflation you paid the equivalent of $35,000 in 2023 for the house in Gatewood. Go try to find anything anywhere in the metro for $35,000 today

The house you said you couldn't afford in 1994 is approx. $120k in 2023.You then point to 150k homes as current options.

Everyone knows you don't buy more than you can afford and you don't start out in a half a million dollar house. It's just that these 30 year old examples people are giving are useless as these scenarios simply don't exist today.

I found 108 houses under 120K in okc. Some as cheap as 45k. Most of these are much nicer than the section 8 house I bought. https://www.realtor.com/realestateandhomes-search/Oklahoma-City_OK/type-single-family-home/price-na-120000 This one is just north of my mother in laws house where some friends that are a young couple bought a house. He is on the grounds crew for Mustang school and she is a self employed hair stylist. Neither of these are great paying jobs but they were able to purchase a home albeit not in the cool areas. (gatewood area i was in was run down and marginal when I bought my house also) there are homes in all price ranges out there. Also, the average income in OK in 1994 was approximately 26900 and today it is approx 40.000 depending on which website you look at. I was a law student living on student loans so my income wasn't anything near the average then.

Once again...the whole point was finding something you can afford even if it is a fixer upper.

I will say fixing up is a bit harder today as well. You can DIY if you have the time and skill (or youtube) but materials are sure expensive. Good luck getting someone to do any work at your house for a job that isn't at least 10k.

I remember growing up we hired a company to rip out tile. Took them a day and was 50cents a square foot of tile. I imagine that is a lot higher today.

What is being said is the situations that applied decades ago do not apply today. The game has changed. Some will thrive and many many young people will become bitter.

Your right. It is different. More challenges and more opportunities. Same as it was for us vs our parents.

Some will always be bitter because sometimes life is just friggen hard and not always "fair" (at least from our own self aware perspective). I never thought the challenges and set backs I experienced were ever fair. You either get bitter and quit, live with it as it is, or fight harder and find a way to make it better. It's always been that way.

I will say fixing up is a bit harder today as well. .

fixing up has NEVER been easier then it is today .. there are far far more resources and instruction at your finger tips then there have ever been ..

Maybe we could just all agree that everyone here worked really hard to save money, bought houses that needed work and weren't fancy, lived frugally, sacrificed fancy dinners, and worked hard to overcome assorted set backs and adversity. That way we can help keep this thread from constantly being hijacked with each poster's personal and anecdotal bootstrap stories.

This thread is about the current OKC Real Estate Market.

In current news since it's the 1st and we have fresh stats it appears prices may have stabilized (they were down last 2 months)

Average sale price in October went up $5k from $240 to $245k

Median and Average days on market both ticked up slightly to 16 & 37

Rates of course have hit and been hovering around new peak highs for this economic cycle. It seems likely the Fed is done hiking at this point but there are other risks to rates in short term. Hopefully things have peaked and this is the trough as it has been slower overall. Seeing some deals that haven't been around since pre pandemic in terms of negotiating with sellers.

Going to be an interesting 2024 it appears.

Edit: Also inventory and homes on the market continue to grow. One silver lining is we have more homes on the market than in 5 years.

. It seems likely the Fed is done hiking at this point



that was not the take away from their most recent meeting ..

it was we are not raising again "for now"

they are very likely to raise rates again in the near future

that was not the take away from their most recent meeting ..

it was we are not raising again "for now"

they are very likely to raise rates again in the near future

They have to continue the tough talk - it's going to be meeting by meeting and data dependent. In a few months these rate hikes & Fed controlling the narrative will all be behind us and the health of the economy will take center stage.

For now bond yields are down sharply and markets are betting the Fed is done and we have seen the peaks. Rates look to be down about 35 basis points already from most recent peaks. We will see- it would be much welcomed.

They have to continue the tough talk - it's going to be meeting by meeting and data dependent. In a few months these rate hikes & Fed controlling the narrative will all be behind us and the health of the economy will take center stage.

For now bond yields are down sharply and markets are betting the Fed is done and we have seen the peaks. Rates look to be down about 35 basis points already from most recent peaks. We will see- it would be much welcomed.

If you were a person buying property in today's market would you buy down the interest rate?

If you were a person buying property in today's market would you buy down the interest rate?

I would look into it and compare options for sure if I was financing something. It may or may not make sense though depending on the deal. Lenders are also offering free refi's right now where you can refinance down the road for very little if the rates go down.

If you were a person buying property in today's market would you buy down the interest rate?

Not to answer for OKC Realtor, but I certainly wouldn't buy it down and try to get the bank to lower the points as low as possible to write the loan. I haven't looked at loans in the last 3 years but it generally takes over 5 years to get the money back from points. Just wait for a decent dip in rates and refinance. We'll probably see high 5s for excellent credit at some point before you'd have made back your money from the points.

Bond Yields taking another steep drop today with soft labor report. We should see some significant improvement in mortgage rates over the next week when the secondary markets catch up. This could be a turning point in the market and is very welcomed news.

Bond Yields taking another steep drop today with soft labor report. We should see some significant improvement in mortgage rates over the next week when the secondary markets catch up. This could be a turning point in the market and is very welcomed news.

i very much hope you are correct

i very much hope you are correct

We need the good news to continue for sure. Ironically bad news for the economy is good news for rates & market.

If rates have indeed peaked, which is a big if still with all the short term risk & volatility still out there, then we have likely already seen real estate prices as low as we will ever see them again. I feel like we are likely to see prices 10-15% higher over next 1-2 years as we return to more of a normal market since there is still a supply/demand issue.

Is this NAR lawsuit going to affect home pricing at some point?

Seems like it could make the transaction more expensive for the buyer, and that will translate to slightly lower sale prices?

I can also see more buyers representing themselves, especially folks who are on their 3rd or 4th acquisition.

Is this NAR lawsuit going to affect home pricing at some point?

Seems like it could make the transaction more expensive for the buyer, and that will translate to slightly lower sale prices?

I can also see more buyers representing themselves, especially folks who are on their 3rd or 4th acquisition.

I think it's too early to say. Have been following it for about a year. It is likely going to get appealed and tied up in litigation for at least awhile.

It seems poised to negatively impact buyers- especially first timers, out of staters, minorities & lower price points where people really need help. Buyers may elect to represent themselves (some already do) and will be dealing direct with an agent hired & paid for by seller to protect their interests. Some buyers already try and deal direct with listing agent thinking they save themselves commission and get a better deal only to end up getting a less favorable deal. I only see this costing buyers in the long run & helping sellers putting a further gap between those who already own & those trying to get into the market.

I think it's too early to say. Have been following it for about a year. It is likely going to get appealed and tied up in litigation for at least awhile.

It seems poised to negatively impact buyers- especially first timers, out of staters, minorities & lower price points where people really need help. Buyers may elect to represent themselves (some already do) and will be dealing direct with an agent hired & paid for by seller to protect their interests. Some buyers already try and deal direct with listing agent thinking they save themselves commission and get a better deal only to end up getting a less favorable deal. I only see this costing buyers in the long run & helping sellers putting a further gap between those who already own & those trying to get into the market.

How do these buyers end up with a worse deal?

I just dont see how ending the monopoly on 6% commissions will be bad for sellers or buyers. Pretty much nowhere else do you see commissions this high on home sales. The shopping part of finding a home can easily be done without a realtor these days and quite frankly doesnt automatically deserve a 3% commission. Eventually home prices will reflect sellers not having to pay 6% once the NAR/MLS monopoly is over.

How do these buyers end up with a worse deal?

I just dont see how ending the monopoly on 6% commissions will be bad for sellers or buyers. Pretty much nowhere else do you see commissions this high on home sales. The shopping part of finding a home can easily be done without a realtor these days and quite frankly doesnt automatically deserve a 3% commission. Eventually home prices will reflect sellers not having to pay 6% once the NAR/MLS monopoly is over.

look at the user name

How do these buyers end up with a worse deal?

I just dont see how ending the monopoly on 6% commissions will be bad for sellers or buyers. Pretty much nowhere else do you see commissions this high on home sales. The shopping part of finding a home can easily be done without a realtor these days and quite frankly doesnt automatically deserve a 3% commission. Eventually home prices will reflect sellers not having to pay 6% once the NAR/MLS monopoly is over.

I could write a very lengthy response with specific examples but I think it probably mostly comes down to unconscious incompetence. Are you familiar with the term/concept? Essentially you just don't know what you don't know and real estate transactions are rarely straight forward. Most people only buy/sell property a handful of times in their life- how do you know you're making the best decisions without someone experienced to guide?

I could tell some horror stories with specific examples but they really just come back to ignorance at the root of them- that is to say they thought they knew what they were doing but didn't and have seen some HUGE mistakes be made.

I could write a very lengthy response with specific examples but I think it probably mostly comes down to unconscious incompetence. Are you familiar with the term/concept? Essentially you just don't know what you don't know and real estate transactions are rarely straight forward. Most people only buy/sell property a handful of times in their life- how do you know you're making the best decisions without someone experienced to guide?

I could tell some horror stories with specific examples but they really just come back to ignorance at the root of them- that is to say they thought they knew what they were doing but didn't and have seen some HUGE mistakes be made.

this won't stop or limit buyers from getting agents ..

How do these buyers end up with a worse deal?

I just dont see how ending the monopoly on 6% commissions will be bad for sellers or buyers. Pretty much nowhere else do you see commissions this high on home sales. The shopping part of finding a home can easily be done without a realtor these days and quite frankly doesnt automatically deserve a 3% commission. Eventually home prices will reflect sellers not having to pay 6% once the NAR/MLS monopoly is over.

All commissions are negotiable. Contrary to what you hear, there is no locked rate. The older agents lean more into that old mentality, but every deal I have done is different with a different commission structure. Me personally, that old commission structure is a thing of the past.

How do these buyers end up with a worse deal?

I just dont see how ending the monopoly on 6% commissions will be bad for sellers or buyers. Pretty much nowhere else do you see commissions this high on home sales. The shopping part of finding a home can easily be done without a realtor these days and quite frankly doesnt automatically deserve a 3% commission. Eventually home prices will reflect sellers not having to pay 6% once the NAR/MLS monopoly is over.

You aren't wrong on this part. Tons of information out there. That being said, the easy part from a buyers perspective is finding a house. Where we shine is everything after that. Driving to endless homes all across the city, getting buyer pre approved, negotiating the contract, inspections, inspection repair negotiations, appraisals, underwriting, final approval, final walkthrough, having to buy a bird bath cause the seller wrongly took it, then close. All while dealing with both sides of clients who are highly stressed. There are so many hoops and obstacles that come into the process that people without representation get taken advantage of because they just don't know, want to know, or want to understand the contracts and laws. It's quite surprising that as many deals close as they do.

How do these buyers end up with a worse deal?

I just dont see how ending the monopoly on 6% commissions will be bad for sellers or buyers. Pretty much nowhere else do you see commissions this high on home sales. The shopping part of finding a home can easily be done without a realtor these days and quite frankly doesnt automatically deserve a 3% commission. Eventually home prices will reflect sellers not having to pay 6% once the NAR/MLS monopoly is over.

Selling (buyer) agents get paid from what the listing agent dictates to us in the MLS. As a listing agent in Oklahoma, we are required by law to disclose all costs on a net to seller sheet. It shows what I will get paid in the transaction and what I am offering to a selling agent. Then that seller has to sign it.

Me offering a commission amount on the MLS is basically me putting out an open contract for any agent that is part of the MLS. I am paying them to bring me a qualified buyer and work with me on the transaction. Depending on house, situation, price of home, seller not wanting to pay, ect, that amount is different across the board.

I don't think anyone thinks we don't need real estate agents, they definitely are beneficial to a transaction that most only have a few times in a lifetime. Most people do think they are grossly overpaid with the current commission structure. The barrier to entry is far too low and the education level of most is minimal. The days of the MLS monopoly are over and the industry will have to adapt.

I don't think there is any other profession with as many part time agents as real estate. I've purchased 3 homes and used an agent one time. He was a big name agent that had the listing and all of the paperwork he ever produced was a mess. It was full of typos and incorrect calculations. Every other soccer mom is showing houses now but I've noticed the housing market is starting to thin them out though. The house down the street is listed for $900k + and I see the agents showing it. The realtor stereotypes are definitely present.

You aren't wrong on this part. Tons of information out there. That being said, the easy part from a buyers perspective is finding a house. Where we shine is everything after that. Driving to endless homes all across the city, getting buyer pre approved, negotiating the contract, inspections, inspection repair negotiations, appraisals, underwriting, final approval, final walkthrough, having to buy a bird bath cause the seller wrongly took it, then close. All while dealing with both sides of clients who are highly stressed. There are so many hoops and obstacles that come into the process that people without representation get taken advantage of because they just don't know, want to know, or want to understand the contracts and laws. It's quite surprising that as many deals close as they do.

Sure, but is it really worth $12,000 (3% commission on a $400,000 home, which is apparently around average for the country)? I say most certainly not. You also mention some things that mortgage companies can and will easily do themselves.


I don't think anyone thinks we don't need real estate agents, they definitely are beneficial to a transaction that most only have a few times in a lifetime. Most people do think they are grossly overpaid with the current commission structure. The barrier to entry is far too low and the education level of most is minimal. The days of the MLS monopoly are over and the industry will have to adapt.

I don't think there is any other profession with as many part time agents as real estate. I've purchased 3 homes and used an agent one time. He was a big name agent that had the listing and all of the paperwork he ever produced was a mess. It was full of typos and incorrect calculations. Every other soccer mom is showing houses now but I've noticed the housing market is starting to thin them out though. The house down the street is listed for $900k + and I see the agents showing it. The realtor stereotypes are definitely present.

Yes there is a reason at one point this year there were more realtors than homes for sale. Its an easy gig to get into and the nice commissions on rapidly appreciating homes were too baked in.

Sure, but is it really worth $12,000 (3% commission on a $400,000 home, which is apparently around average for the country)? I say most certainly not. You also mention some things that mortgage companies can and will easily do themselves.



Yes there is a reason at one point this year there were more realtors than homes for sale. Its an easy gig to get into and the nice commissions on rapidly appreciating homes were too baked in.

It would be cost effective to hire an attorney for way less money.

I bought property in OKC without a realtor or RE attorney. Honestly it was way easier than I imagined. Every form you need is available on oklahoma.gov.

When I walked into the title company at close, they were actually surprised I had all the proper docs without a realtor.

Real estate agents overall are easily the most overpaid profession in America, 2nd place probably wouldn't even come close.

https://www.cnn.com/2023/11/30/economy/us-pending-home-sales-october/index.html Have we crashed?

Pending home sales just hit their lowest level in history.

In October, US pending home sales fell 1.5% putting sales down 6.6% over the last year.

This also marks the 23rd STRAIGHT decline in US pending home sales.

To put this in perspective, pending home sales are more than 10% BELOW what they were in 2010.

They are also ~3% below the pandemic low when the global economy was in a lockdown.

All as mortgage demand is at its lowest levels since 1994.

The housing market is coming to a complete halt.