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- Home Sales Plunge, Supply Rises, Prices Drop Year-Over-Year Most Since 2012. Even Investors Pull Back.
Home Sales Plunge, Supply Rises, Prices Drop Year-Over-Year Most Since 2012. Even Investors Pull Back.
by Wolf Richter Wolf Street
All-Cash sales plunge 22% as investors don’t feel like overpaying either. The 2023 version of spring selling season is here.
OK, it’s spring selling season, the famously best times of the year to sell a home, because that’s when prices rise and sales rise due to hot demand from home buyers who were hiding out in the winter. But this year?
The median price of all types of previously owned houses, condos, and co-ops whose sales closed in April fell year-over-year by 1.7% to $388,800, the third month in a row of year-over-year declines, according to the National Association of Realtors. A debacle we haven’t seen since February 2012, when the market emerged from Housing Bust 1. From the peak last June, the median price declined by 6% (historic data via YCharts):