Historic Distortions Push Home Sales To Lowest In Three Decades
Existing home sales in the US were the lowest in nearly 30 years in 2023.
That's what happens when prices are perched at nosebleed levels, resale inventory is nonexistent and mortgage rates are the highest in decades.
The NAR on Friday said sales were 4.09 million on an annual basis, with median prices near $390,000, some 240% higher than the median price in 1995, when sales were last this low.
For December, existing home sales fell 1% against expectations for a small gain.
Last month's de
“Or nothing good, anyway”
One of life’s sad lessons …..
This is one of the reasons why I think the stock market is booming- if one can’t afford a home, due to current pricing, then wanna-be homeowners are investing the money they are saving for a down payment until such time that pricing between a willing buyer and a willing seller is the same.
That 240% appreciation is a disaster for anyone who held USD since 1995.
The equivalent of $1 in 1995 is only $2 in 2023/24.