Housing is slowing? Its just that Buyers aren't Buying Here it is

[Account Closed]

This doesn't seem to as much of a Problem in the Phoenix Metro Area but  . . .

US Housing Market In Freefall As New Buyers Can't Afford A Home

Needless to say, it is very troubling that Americans are unable to afford home purchases with the 30 year mortgage at just 4.5%, and suggests that even if inflation picks up, the Fed may have no choice but to keep rates flat to avoid a housing market crash.

Still, despite the ongoing slowdown, or perhaps adding to it, the median existing-home price rose once again, hitting $247,500, up 2.8% from January 2018 ($240,800). January’s price increase marks the 83rd straight month of year-over-year gains.

Regional breakdown:

• January existing-home sales in the Northeast increased 2.9 percent to an annual rate of 700,000, 1.4 percent below a year ago. The median price in the Northeast was $270,000, which is up 0.4 percent from January 2018.
• the Midwest, existing-home sales fell 2.5 percent from last month to an annual rate of 1.16 million in January, down 7.9 percent overall from a year ago. The median price in the Midwest was $189,700, which is up 1.4 percent from last year.
• Existing-home sales in the South dropped 1.0 percent to an annual rate of 2.08 million in January, down 8.4 percent from last year. The median price in the South was $214,800, up 2.5 percent from a year ago.
• Existing-home sales in the West dipped 2.9 percent to an annual rate of 1.00 million in January, 13.8 percent below a year ago. The median price in the West was $374,600, up 2.9 percent from January 2018.

[Russell Brazil]

Sales are dropping because no one is selling, not because buyers arnt buying.  Inventory remains challenging nation wide.