CalculatedRisk Newsletter • 215 implied HN points • 13 Mar 26
- Existing-home inventory has risen and months-of-inventory are mostly above pre‑pandemic levels, putting downward pressure on prices and making a year‑over‑year price decline possible this year, though a large wave of distressed sales is unlikely because most owners have strong equity and low mortgage rates.
- The housing market is uneven across regions: some areas are seeing bigger inventory increases and price drops, while places like the Northeast have smaller inventory gains and continuing price increases.
- Homebuilders look to have a rough 2026 with many completed and under‑construction homes unsold, leading to price cuts to compete with existing‑home inventory; overall active listings are up year‑over‑year but remain below typical 2017–2019 levels and the pace of growth is slowing.