August pending home sales just went deeper underwater year-over-year.
This isn't about one bad month. It's about what happens when rates stay elevated long enough that the "wait and see" crowd stops waiting and just... doesn't see.
Housing has always been the most interest-rate-sensitive part of the economy. When money gets expensive, people stop moving. They stay put. They renovate instead of relocate.
The real question isn't whether sales are down. It's how long sellers can afford to hold out, and how long buyers can afford to wait.
This isn't about one bad month. It's about what happens when rates stay elevated long enough that the "wait and see" crowd stops waiting and just... doesn't see.
Housing has always been the most interest-rate-sensitive part of the economy. When money gets expensive, people stop moving. They stay put. They renovate instead of relocate.
The real question isn't whether sales are down. It's how long sellers can afford to hold out, and how long buyers can afford to wait.
