I don’t have too much to add to what I wrote last month, so I’ll
mostly stick to charts for now and refer people to last
months’ writeup for the color commentary.
Just a couple quick notes on April:
1. There was was a notable drop in pending sales:
2. This pushed months of inventory above last year’s level (but
still extremely low in the grand scheme of things):
3. Inflation-adjusted monthly payments are now comfortably above the
Given the lags in real estate transactions (rate locks, escrow
periods, etc.), it might take some time for the full impact of the
higher rates to be realized. The next couple months should be more
informative on that front.
In the meantime – more graphs below and some thoughts/ranting on
these valuations in the prior