Author Topic: Existing home sales plunge 5.9% in July to lowest level in 2 years  (Read 99 times)

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Offline Ptarmigan

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Existing home sales plunge 5.9% in July to lowest level in 2 years

U.S. existing home sales slowed for the sixth consecutive month in July as rising mortgage rates, surging inflation and upticks in home prices continued to push prospective buyers out of the market.

Sales of previously owned homes tumbled 5.9% in July from the previous month to an annual rate of 4.81 million units, according to new data released Thursday by the National Association of Realtors. That is lower than what economists were expecting, according to Refinitiv. On an annual basis, home sales plunged 20.2% in July.

Sales have fallen to the slowest pace since May 2020, when the economy was still deep in the throes of the COVID-19 pandemic. The last time that home sales plunged for six straight months was between August 2013 and January 2014.

"We're witnessing a housing recession in terms of declining home sales and home building," NAR chief economist Lawrence Yun said. "However, it's not a recession in home prices."

Home sales have dropped. There is a recession the housing market.
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Offline Eupher

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Re: Existing home sales plunge 5.9% in July to lowest level in 2 years
« Reply #1 on: August 18, 2022, 07:52:47 PM »
Mrs E and I re-financed our mortgage about 8 months ago. Glad we did it when we did, when the interest rates were the lowest they've ever been.

Can't say that now, SharterJoe.

SharterJoe not only can't control his bowels, he can't figure out simple economics. When the Fed jacks up interest rates, that means it costs more to borrow money for things like mortgages, cars, and other high-end items.

I saw a new car sticker on a photo somewhere - don't know if it's real - of a regular car. Sticker price was over $86,000 which included a charge of $30,000 called "market adjustment." That's incorrect. That should be called the "SharterJoe tax."
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