We're in a "Bizarre Market"...Thoughts on a Recent Article

[Walter Key]

National Association of Realtors Chief Economist Lawrence Yun recently wrote an article stating that we're in a "Bizarre Market" in which he stated "With a strong economy and the lowest unemployment rate since 2000, more Americans are in the market to buy a home yet sales are stagnant. Existing home sales are down about 1 percent year over year." He went on to discuss how the average days on the market are only about 26 which is well under historical norms. I have personally seen SUB 1-week in both the Central VA and Omaha markets on some properties in the last several weeks.

His solution is new home construction in a variety of housing types to address the inventory shortage. While I think that certainly has merit, I was just wondering what everyone else was thinking of the current market, bizarre or otherwise, and what you feel is a good move to solve the problem. Is it a "problem" or is it a "new normal" for a while? What are your thoughts?

-Walt

[Joe Splitrock]

Originally posted by @Victor S.:

Originally posted by @Walter Key:

Jay, I tend to think that millennials (and technically I am one, but only by a hair) are split down the middle. You have half of them that are absolutely crushing life, paying off debt, succeeding in businesses, etc. Then you have the other half that's perfectly content to sit in momma's basement until they're 27 and they feel that life somehow owes them something. I guess the question becomes, how many does it take to change the market dynamics and how many are there really. 

 if you guys think Millenials are bad, Gen Z goes: "Hold my craft beer and watch this"

I am a Gen Z and I remember when I got out of college, everyone was calling us the slacker generation. You younger people just watch the movie Reality Bites (starring Winona Ryder - long before Stranger Things). Young people are always clueless and wandering to find their way. Look at the hippies of the 60's or the flappers of the 20's. Nothing new here. The millenials will keep getting older and will settle down with kids and buy minivans. Then the millenials will start criticizing a younger generation. It is the cycle of life, now if you will excuse me I have a craft beer waiting.