Existing Home Sales Plummet

Existing Home Sales Plummet

No One Buying or Selling Existing Homes "No one" is a relative term when it comes to economic data. There are actually about 4 million people per year buying existing homes based on the annualized and seasonally adjusted pace. But relative to most of the past 25 years, this is about as low as it gets. Officially, the National Association of Realtors (NAR) reported existing sales at a pace of 4.09 million, well off the median forecast of 4.20 million. With prices/rates/rents/etc as high as they are, it has discouraged the migration necessary to create the inventory. This is actually a bit of a silver lining as it means we might be seeing better sales numbers if there were more inventory. At the very least, we can see that the current environment is distinctly different from the Great Financial Crisis which saw inventories surge.

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