I'm not sure why this is surprising to anyone. New home construction has been almost zero for the last 4 years and with no construction, it's hard to have sales. The inventory that is left is the garbage that may never sell due to crappy locations...
I could really care less what RE does and as a disclosure I bought a house. But homes sales do in fact slow pretty much every single year so its interesting that every year people make the same claims- that homes sales are slowing. Of course they are. Its the winter.
I guess my confusion here is that what does homes sales have to do with the outcome of the election? Nothing.
But before I continue, let me say that I waited probably longer than anyone else on this forum to buy a home. As in I waited for well over 12 years where from afar I watched this thing inflate and deflate. Yeah- I totally get the frustration and irritation over the real estate thing. I still think the system is more or less heavily controlled because obviously selling houses is a literal gold mine for both government and business as it means revenue from multiple angles. I know what its like to hopelessly watch home prices sail off into the stratosphere. Its especially bad in the Bay Area and its still pretty bad. Trust me... I was THERE for a very, very long time.
That doesn't mean that sales also don't tend to slide in the winter. I know because I watched those numbers like a hawk for well over a decade. Every single year, surprise-surprise, sales fell. Why? Because a lot of people who have kids buy in the summer right before schools open. There is a massive flurry of activity. And then in the winter comes the doldrums.
I also have a lot of friends who simply quit looking because there is so little inventory around here that they were simply getting out-bid on every house. Things are still nutty in the Bay Area.
In the end I'm all for a normal, steady, and more stable housing market. My house is what I live in. My retirement savings and investments are what my investments are. Real estate seldom makes as good of an investment as stocks and bonds and thus has proven to be true more or less for the past 100+ years. So in the end I could genuinely care less what value my house might be at. I don't plan to sell it anyway so what good is it to me as to what its worth?
The issue is that the numbers are high before the election in order to promote the idea that there is a "recovery" underway. The fact that they were revised downward after the election shows that a lot of the numbers touted as indicators of returning economic health were not to be trusted.
And before anyone jumps on me by saying "economic numbers are constantly revised" I'd like to point out that his begs the question as to why they are published before they can be verified.
Pump and dump, baby while .gov keeps the sheeple high on hopium.
All economic statistics are revised. They are often based on inadequate surveys as we demand new numbers every week or every month. It is much ado about nothing. When it is government that supplies the numbers, we have government employees we should let go. When it is private industry who supplies the numbers, we should always consider the source.