Fo Shizzle Drizzle: Housing Market's Got the Snoop Slump!

Gin and Juice ain't flowin' in the Housing Market!

What up cuz! It's Snoop D O double G comin' at ya live from my digital mansion. Word on the streets or should I say on the Zillow streets is that the housing market ain't exactly blazin' like my favorite chronic right now. We talkin' about sales of previously owned cribs droppin' 5.9% in March. Fo shizzle! That's like someone puttin' out my blunt before I even get a good hit. And check this: sales are down 2.4% compared to last year. Seems like everyone's got a case of the 'don't wants' when it comes to buyin' a spot. "Life is like a box of chocolate you never know what you're gonna get." But in this case it's more like a box of bills!

West Coast Less Coast?

The West is where it stings the most ya dig? Sales took a 9% nosedive out there! That's like losin' a whole stack of hundreds at the craps table. But hold up the West is also the only region that's doin' better than last year thanks to those hustlers in the Rocky Mountain states. So it's like a seesaw one side up the other down. 'Rollin' down the street smokin' indo sippin' on gin and juice' but can't afford a house to do it in.

Mortgage Rates Higher Than Giraffe P****!

Now peep this: these sales numbers are from contracts signed when mortgage rates were higher than giraffe p****! We talkin' over 7%! That's like tryin' to rap with a mouth full of peanut butter – ain't nobody got time for that! Lawrence Yun that NAR chief economist dude says it's all 'bout affordability challenges. Basically folks can't afford to cough up the dough with these crazy rates. No diggity!

Inventory Stacked Sales Whacked!

But here's the kicker: the number of homes for sale is UP almost 20%! That's like havin' a whole forest of Christmas trees but nobody wants to buy 'em! We got a 4 month supply which is still kinda lean. Experts say we need a 6 month supply to balance things out. More houses fewer buyers… sounds like a recipe for a 'who's gonna budge first' showdown.

Prices Still Climbing But Barely!

Alright so prices are still goin' up but not by much. The median price of an existing home was $403,700 in March. That's an all time high for March but it's only 2.7% higher than last year. That's like me droppin' a new album and only goin' platinum once… ain't nobody impressed by that no more. I need a 10x platinum at least!

Cash is King (and Queen)!

First time buyers are still strugglin' makin' up only 32% of the market. Historically they should be around 40%. Cash sales are down a bit but investors are still in the game. Moral of the story? If you got that paper you still rule the roost. Otherwise you might be stuck rentin' for a minute ya feel me? Keep it real and keep it Snoop! GGN.