“The national median price of previously owned houses, condos, and co-ops fell to $394,300 in September, down by 4.7% from the peak 18 months ago, in June 2022, according to data from the National Association of Realtors (NAR) today.
Sales of previously owned houses, condos, and co-ops crashed to a seasonally adjusted annual rate of 3.96 million homes in September, the lowest since the depth of the housing bust in 2010.”
Analyst Comment: The most interesting thing is many houses aren’t moving. People are holding onto existing properties purchased under lower mortgage rates. With time, that will change. There is a tsunami of underwater rentals and Air BnBs that will soon come on market as desperate owners have to offload to try to stay solvent or through bankruptcy. That’s when the bubble really rips open.