Home prices have plunged during the second half of 2022 with demand for residential real estate cooling off in a number of states and cities across the U.S.
Another month, another plunge in housing.
Hot on the heels of the latest catastrophic homebuilder sentiment print and plunging single-family starts and permits, analysts expected existing home sales to accelerate their recent decline with a 4.9% MoM drop in July.
Existing-home sales sagged for the sixth straight month in July, according to the National Association of REALTORS®. All four major U.S. regions recorded month-over-month and year-over-year sales declines.
Mortgage rates actually fell slightly last week, but the damage has already been done to housing affordability.