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People want homes with beautiful, highly functional amenities like kitchens and bathrooms, which means those houses get bid up to higher prices by those willing to wildly overpay, which leaves the more investment-minded among us swearing at the irrational market conditions, or buying ugly fixer-uppers as a compromise.
Tight inventory levels in the resale and new home market propelled demand for available new homes, and we offered a combination of attractive pricing and compelling mortgage rate programs to capture that demand. With respect to the supply chain, the second quarter had the least supply chain disruption since 2020.
MILLER: And so I took it as, you know, this was in the spring of 2020, I was thinking, boy, if all this is true, there’s going to be 11 people left in Manhattan by the fall, which of course was not the story. And that doesn’t happen when mortgage rates double, right? RITHOLTZ: Fleeing, right. RITHOLTZ: Wow.
Overall, we do expect markets to return to a more balanced new home versus resale equilibrium in the future, with some of our submarkets already experiencing increased competition from existing home inventory. Our commentary is the same as it has been since the start of COVID in early 2020. Now, turning to Slide 7.
fashion resale player. From 2017 to early 2020, Josh and the team led a transformation to establish Etsy's demand-centric business model which drove a reinvigorated growth and a stair step in profitability. Depop's fourth quarter represented the highest year-over-year GMS growth since our acquisition. year over year.
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