The sharp downturn in the U.S. housing market over the past few months wasn’t much of a surprise, given how out of whack the market had become. The bigger question now for anyone interested in housing is: what next?
Every month, analysts at Credit Suisse publish a survey of real estate agents in about 40 metro areas. Their observations are occasionally local, but often big nationwide trends can be gleaned.
In November, just about everyone was hopeful for a spring rebound. Perhaps more surprising was that many respondents said one was already beginning, with the midterm elections in the rearview mirror. Some long-running trends persisted — inventory is nonexistent at affordable price points – and some new ones appeared — international buyers aren’t showing up to the coastal cities where they once flocked.