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Existing Home Sales Slide Back to Pre-Pandemic Levels

Existing Home Sales Slide Back to Pre-Pandemic Levels

April, May, and June of 2020 were the only 3 months where Existing Home Sales suffered as a result of the pandemic.  During those three months, the annual pace averaged roughly 4.4 million versus the last pre-pandemic reading of 5.4 million. That number jumped to nearly 6 million in July and didn't show any serious signs of contraction until February of 2022. What's up with the history lesson?  The most important past data point in this case is that 5.4 million mark from March 2020 because today's report marks the first time that sales have returned to that level after skyrocketing for most of the past 2 years. In other words, pandemic housing boom notwithstanding, sales of existing homes are still in great shape.  There are disclaimers, of course.  Rates have risen sharply and
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