Existing Home Sales Slump Continues
Existing home sales account for the lion's share of all home sales in the U.S. Unlike "New Home Sales," this data series tracks previously sold homes.
The massive rate spike in 2022 (and possibly the compounding of affordability issues due to excessive price growth) caused a sharp drop to long term lows by the end of that year. A nice, little bounce ensued to start 2023, but it's increasingly proving to be short-lived.
The sales outlook is challenging due to an obscene lack of inventory. It may be slightly positive in year-over-year terms (blue line in the chart below from Calculated Risk), but still near super long term lows in outright terms (red line).
Tight inventory is keeping prices higher. Combine that with stubbornly high rates and it's easy to blame "aff
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