“Sales of previously owned homes (houses, condos, and co-ops) fell further, by 2.2% in July from June, to a deep-dismal seasonally adjusted annual rate of sales of 4.07 million, the lowest since January, which had matched the March 2020 lockdown low, which had been the lowest since the Housing Bust in 2010, even as the median price fell, as days on the market rose, and as supply rose to match the highs in 2022, and beyond that to the most supply since June 2020, according to the National Association of Realtors today.

Year-over-year, the seasonally adjusted annual rate of sales fell by 16.6%. Compared to the Julys in prior years:

July 2021: -32.5%.

July 2019: -24.5%.

July 2018: -24.5%.

What we’re seeing is that demand has vanished, and supply has vanished in equal measure because the homeowners who have a 3% mortgage are not buying a new home, and so they have vanished as buyers; and are therefore not putting their current home on the market, and so have they vanished as sellers.”