S&P CoreLogic Case-Shiller Index reports lower home prices

Home builder inventory over the last 40 years. Only other times it was this high: 2022, 2008, 1991. All are either recessionary scenarios or near recessions. This is ultimately good news for homebuyers. It means cheaper prices are around the corner. But potentially bad news pic.x.com/rwsG73J5Q6

No one is buying new homes that are under construction or permitted. Months of supply for both is sitting between 15-20 months, which is basically the highest on record. Meanwhile - completed spec houses have a decent sales pace of 3.6 months. Meaning extremely weak demand in pic.x.com/VsH8oHP9i5

Monthly U.S. new single-family home sales This is the raw data—without seasonal adjustment Table via @ResidentialClub pic.x.com/UlQofiNKZ4

Pending home sales increased by 1.8% in May from the prior month and 1.1% year-over-year. This gain came despite a steady rise in mortgage rates in April and May. As a forward-looking indicator based on contract signings, pending home sales offer insight into future closings. pic.x.com/VcSGLmucuU