The weakness in housing accelerates further in June. Existing home sales are down 21.1 percent since January.
This article was originally published by Mish Talk.
Existing Home Sales Synopsis
Existing Home Sales Last 25 Years
Existing home sales are at level seen in 1999.
The National Association of Realtors® reports Existing-Home Sales Slid 5.4% in June
Report Highlights
Housing Bust Just Starting
A look at individual points above, especially median price, time on market, and inventory that’s just starting to rise all suggest this is the early innings of a housing bust.
Single-Family Housing Starts and Permits Dive Eight Percent in June
Also note Single-Family Housing Starts and Permits Dive Eight Percent in June
Single-family has weakened from 1,220,000 starts in November 2021 to 982,000 in July 2022.
That’s a 19.5 percent decline.
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