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  • Home Sales Plunge Further as Demand Vanished at These Prices. Even Cash Buyers Pull Back. Supply Keeps Rising.

Home Sales Plunge Further as Demand Vanished at These Prices. Even Cash Buyers Pull Back. Supply Keeps Rising.

August 23, 2023

by Wolf Richter Wolf Street

Prices drop month-to-month and from peak (June 2022). Days on the market jump. Homeowners with 3% mortgages vanished as buyers and sellers in equal measure, entire market shrank.

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.