'We are in a housing recession,' the National Association of Realtors says. But to be clear, though, that doesn’t mean the broader housing market is in the midst of a meltdown.
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.
Don’t miss: A quarter of the U.S. will fall inside an extreme heat belt. Here are the states in the red zone. The indicators may be “grim,” Cooper told MarketWatch, but “to a large extent, the slowdown in the market is a reversion to a more balanced market.”And prices aren’t crashing and burning.See: Weekend reads: Is this a housing recession? What would that mean for those buying and selling homes right now?
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’d 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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