‘A downer for sure’: Existing-home sales hit 14-year low as prices soar
“Existing-home sales fell to a seasonally adjusted rate of 4.16 million — a whopping 18.9 percent lower than a year ago — as the median sales price climbed to $410,000, or 0.9 percent below than the highest price recorded by NAR. June also marked the third time in recorded history the monthly median sale price rose above $400,000, with the other two occasions happening last year.”
The thing I keep thinking about is: do we expect this to change any time soon? So what does that mean for 2024? Even if rates go down (and that’s a big if) most people have sub-4% loans. And if take a look at Zillow’s latest Home Values Index, pay attention to the last column, “% change since 2020”.
Rob Hahn had a very good question on Twitter about this stat:
“Most people, I think would focus on the red boxes. I’m looking at the change since 2020 and wondering who got 20-55% raises since then?”
-Rob Hahn via Twitter
Good question.
