Sales of Existing Homes Fell Last Month (Start of Hypersupply)

[Jon Q.]

Sales of existing homes fell in July.  Many markets nationally likely peaked in early 2016.  I think in most markets we're now seeing the beginning of hypersupply, phase III in the real estate market cycle.  In the month's ahead, I think it will be increasingly obvious, rent growth growth may increase, but do so at a declining rate.

[Greg Rutkowski]

@Jon Q. News services is build on hype. I would think the down turn in demand is a function of people not wanting to move because school has started. The selling season is over till next summer.

But then what do I know...