Reply #16: Supply and Demand

[Rockholm]

With an abundant supply of housing on the market, price must go down. Simple economics. Real Estate has carried the economy of this country for way too long.
We have experienced 11 straight years of record price appreciation. The tipping point has been reached. More inventory means lower prices. While there is a correction or softening happening in a number of areas in the country, the number of buyers looking for a home has not changed. Buyers are smart and have decided that they are not going to pay too much for a home. We will not know when the bottom is reached until the inventories tighten. When the inventories drop, prices will react by going up again.