Hello SMARTYs and data NERDS (Not CRYBABYs and AIRHEADS) –
We wanted to provide a sweet market update before Halloween. Although we don’t compile our official forecast until we have annual data, we do have a pretty good sense of where things stand. Despite some growth recently, inventory remains an obstacle since it’s really not GOOD AND PLENTY. In fact, it’s still in pretty short supply. Sales and listing activity varies month-to-month and year-over-year, which will likely continue both NOW AND LATER. Prices remain strong (though not as elevated as the MILKY WAY), and are unlikely to decline in the foreseeable future–that wouldn’t be a FUN DIP. There is some evidence that we hit a slight SOUR PATCH earlier this year, but housing is not ready to ROLO-ver just yet. There’s really nothing that spooky in the numbers. If inventory expands, rates remain low and the economy cooperates, we could see a continued growth SPREE.
The Fed has stopped printing money like a JUNIOR MINT, but mortgage rates are still remarkably favorable. Rates are low enough to make even a non-farmer a JOLLY RANCHER. These low rates should be seen as a nice BIT-O-HONEY for buyers, but that could change (they aren’t an EVERLASTING GOBSTOPPER). Slowing global growth and trade WARHEADS are reasons for concern. The next recession is unlikely to be a WHOPPER like the last one.
No, things are not dire and no, the market does not need a LIFE SAVER. I can’t tell if this was a MILK DUD or just CANDY CORNy. We don’t mind being the LAUGHY TAFFY (SNICKER, SNICKER). Thanks for indulging us.