South Tampa Real Estate Report
South Tampa Real Estate Market Report | 8/21/22 - 8/27/22
If you read the South Tampa Market Snapshot on the regular, you may recall I recently questioned what the term "housing recession" means...I'd never heard of such a thing until about a month ago. Apparently a lot of people have been asking the same question. The folks at Inman published an article this week in an attempt to provide answers. Sorry, the article sits behind a paywall so my bullet points below will have to suffice:
- the term didn't really exist prior to 2022
- according to some, the term means fewer home sales, lower housing starts, declining mortgage lending, and job cuts in the homebuilding sector (Lawrence Yun, NAR Chief Economist)
- others define it as a slowdown in economic activity in the housing sector that’s sort of broad based and deep enough to register, and lasting more than a few months (Jeff Zucker, Zillow Senior Economist)
- according to the author, Jim Dalrymple, II, it is "a downturn that’s measurable by multiple metrics — the starts, lending and sales that Yun pointed to, among other things — and which is both deep and at least somewhat long-lasting. It’s a downturn, but more pronounced."
- since nobody can pinpoint a Webster-worthy definition of "housing recession", it makes it very difficult to determine if we are in one
Have a great week!
Michael Palermo
