More homes on languishing on the market without any buyers, setting up prices to start falling as soon as this summer, according to Brian Nick, senior investment strategist at Macro Institute.
In fact, the year-over-year percentage increase in unsold existing homes for sale is the highest since the Great Financial Crisis, he told Bloomberg TV on Thursday.
“That’s going to put downward pressure on prices in the next three to six months,” he predicted.
For now, the housing market is still in its traditional spring selling season, when Americans typically shop for homes while families try to secure a new dwelling before the start of the next school year.
By some accounts, this season is a disappointment so far as the increasing supply of homes has been met with tepid demand from buyers who are revolting against on high prices.
And when the selling season winds down…
