Recession fears are affecting buyers, who consume more media and information about the future of the economy.
Recession talk is everywhere, especially in the housing sector, as recent data on weaker housing starts and sales compounded by higher mortgage rates signal a slowdown.
But that doesn’t necessarily mean that the sector is in a recession like what we saw during the Great Financial Crisis. It’s more nuanced than that. Homes are still selling, Christine Cooper, chief U.S. economist and managing director at CoStar Group, said. Buyers are simply feeling more uncertainty with the possibility of a broader economic recession looming.
“‘When everybody went out to look at homes, there were lines out the door at open houses. Everybody was like, “I better go buy a house.”‘” But given the macroeconomic backdrop, “there could still be a few more months of overshooting to the downside before inventories expand,” Cooper said, and “house price gains cool sufficiently and sales resume.”
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