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America’s Housing Crisis Rolls On Unabated
Surprise! Existing US home sales tumbled in June amid high prices and high rates.
It's the same story month after tedious month. The 5.4% decline registered in June was nearly double the expected drop and pushed the annual sales pace below 4 million.
Since February of 2022, existing home sales have managed just six monthly gains.
As the figure shows, the pace is moribund. The market's frozen.
That, despite the most inventory in years. Nationally, inventories were up more than 23% YoY at mo
Inventories need to get above 6 months for any price drop. This adjustment will take YEARS to fully play out