April 2023 has seen the largest drop in number of sales since at least 1996. We are tracking about 35.8% down from last April.

The price drop from last year is -5.59%.

This begs the question…why aren’t prices falling? Inventory. The low inventory is helping hold the floor against price drops.

What’s next? All things remaining equal, I suspect this will hold for awhile longer. That said, all things are not equal and there are titanic forces moving under the surface of the market, from interest rates to M2 money supply and more. Not to mention, nation states making moves in their own economic interests.

My advice: don’t overleverage.

Ask yourself: can I hold this action if the market goes south fast?