Sales are up 26% in St George and prices are plummeting due to supply increasing.
Sales are down 25% in Carlsbad and prices are holding due to low supply.
Econ 101. Supply and demand at work. The forces behind both are in place and should continue
And I would argue the Black Swan event was not a return to normalcy for rates. The Black Swan event was ZIRP for decade that resulted in mortgages below 3%. That’s something we’ve never seen in our lifetime and likely wont again.
