The report from the National Association of Realtors on Friday also showed the median house price increasing at the slowest pace since early in the COVID-19 pandemic as sellers in some parts of the country resorted to offering discounts.
Existing home sales, which are counted when a contract is closed, fell 1.5% to a seasonally adjusted annual rate of 4.02 million units last month, the lowest level since November 2010. That marked the 11th straight monthly decline in sales, the longest such stretch since 1999.Sales dropped in the Northeast, South and Midwest. They were unchanged in the West. Economists polled by Reuters had forecast home sales falling to a rate of 3.96 million units.
While a survey from the National Association of Home Builders this week showed confidence among single-family homebuilders improving in January, morale remained depressed. The rate was down from 6.33% in the prior week and has declined from an average of 7.08% early in the fourth quarter, which was the highest since 2002. It, however, remains well above the 3.56% average during the same period last year.
House prices increased 10.2% in 2022, boosted by an acute shortage of homes for sale. Housing inventory totaled 970,000 units last year. While that was an increase from the 880,000 units in 2021, supply was the second lowest on record. Though tight inventory remains an obstacle for buyers, the absence of excess supply means the housing market is unlikely to experience the dramatic collapse witnessed during the Great Recession.
Prices barely dropped
Not even close to the bottom.
1st time buyers cant afford houses. Even ones w good jobs. Ppl with homes r recycling them to each other. Not sustainable. The cities now have high crime again. Suburban homes r way over-priced nd not worth it. Ppl r renting nd saving again. Raise those rates! The party is over.
You know the FederalReserve can hear you?
Disagree. We are headed to 12% Mortgage rates. In the early 1980’s Mortgage rates were near 20%. With the declining stock market and the specter of nuclear war. We are on the verge of social and economic collapse.
still spinning bad news
12 year low....
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