OpinionMarkets & Economy

No market shift in the making, says Windermere chief economist

Matthew Gardner responds to Gary Keller's predictions of a potential downturn on the horizon
  • "Inventory that is stuck on the market is not what buyers are looking for."
  • "The number of single family homes under construction in the U.S. is at a level that we have not seen since 2008."
  • "Homeowners are in a very fortunate position right now."

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Editor's note: This article is a rebuttal to a recap of Gary Keller's housing market predictions, made in his speech on Thursday, Aug. 11 to Keller Williams leaders. With all due respect to Gary Keller, I am trying to decipher why he believes that we are gearing up for a nationwide housing “shift." Especially when the data tells us a different story. His first indicator is that the number of days on market has risen. I would challenge this notion and suggest that the inventory that is stuck on the market is not what buyers are looking for. Additionally, total months of supply – a better indicator as to the strength of the housing market – remains at about 4.5 months, which indicates that it is still a seller’s market. He said that the supply of move-up and high-end housing is increasing. Well, I do agree that the ultra-luxury market – specifically in Manhattan – is starting to suffer, but I am not seeing a quantifiable jump in listings in a vast majority of ...