Home Sales Collapse, Prices Drop Further, Supply Jumps. People Are Finally On Buyers’ Strike

November 22, 2023

by Wolf Richter Wolf Street

Supply is coming back, demand is not. Prices are still way too high.

The national median price of existing homes of all types – single-family houses, condos, and co-ops – whose sales closed in October dropped to $391,800, down by 5.1% from the peak in June 2022, according to data from the National Association of Realtors (NAR) today.

First “lower high” since Housing Bust. The median price in June 2023, the seasonal peak, was below the all-time peak of June 2022. This was the first such event of “lower highs” (purple line in the chart) since the Housing Bust, and prices have dropped further since then (historic data via YCharts):