The median price increase simply indicates that the bottom has dropped out of the market. Nobody can afford the cheap stuff anymore and it has stopped selling.
The people with actual money and credit can still afford to pay X dollars for a place to live. And they are continuing to do so, albeit in smaller numbers. Lucky them, they’re getting more home for X dollars than they were a year ago.
Rest assured, prices and sales are dropping. The median price change is only indicating a shift in the type of sales that still occur.”
– Renter guy, commenting on our post about rising market times and prices in Chicago.
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Comment of the day: the bottom has dropped out of the market
The median price increase simply indicates that the bottom has dropped out of the market. Nobody can afford the cheap stuff anymore and it has stopped selling.
The people with actual money and credit can still afford to pay X dollars for a place to live. And they are continuing to do so, albeit in smaller numbers. Lucky them, they’re getting more home for X dollars than they were a year ago.
Rest assured, prices and sales are dropping. The median price change is only indicating a shift in the type of sales that still occur.”
– Renter guy, commenting on our post about rising market times and prices in Chicago.
AUTHOR: kate hawley