Existing Home Sales Lowest in 12 Years, But It Could Be Worse

Existing Home Sales Lowest in 12 Years, But It Could Be Worse

Existing home sales data was released this morning by the National Association of Realtors for the month of January.  It was fairly close to forecasts, but nonetheless slid to the lowest levels since 2011 for the second straight month (just edging out the initial lockdown lows of 2020).  It's no surprise to see sharp declines in sales given the massive shift in rates and housing sentiment that unfolded over the course of 2022.  While there had been a glimmer of hope for a bounce over the past few months, rates are once again ripping up toward 7%.  As such, it makes sense to ask: how bad is it? We can all already see how bad it CURRENTLY is.  So the better question is how bad could things get.  Alternatively, we could ask when things will get better.  The second question is easy, but