Their lowest level in 28 years. That is where Existing home sales ended in December.
That means since 1995 – The year Jumanji came out – And I’m talking about the original one with Robin Williams.
At that time, there were 74 Million fewer Americans, and the median home price was 115K, and the Median income was $34K.
Today that median income is $74K (or up 217%) and the Meidan Home price is $431K (or up 375%).
This is why I continue to say that it’s a miracle that housing values have been so resilient, and that miracle is being propped up by one thing - No houses for sale.
At current levels, if we didn’t have new listings coming online - it would take only 3 months and 3 days till every house for sale was sold.
But In other news, guys - UWM and Rocket Mortgage will both forego Super Bowl ads this year…
For those who don’t know how tough it’s been in the Mortgage industry, in 2022, we saw the industry drop 50% from the previous year.
In 2023, we saw it drop another 50%...
Tough years for the Mortgage industry; I know we all know that, but I can’t help but find it a tiny bit humorous that the absence of a Super Bowl ad counts as news…
