Existing Home Sales Slide Back to Pre-Pandemic Levels

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Existing Home Sales Slide Back to Pre-Pandemic Levels

Existing Home Sales Slide Back to Pre-Pandemic Levels April, May, and June of 2020 were the only 3 months where Existing Home Sales suffered as a result of the pandemic. That number jumped to nearly 6 million in July and didn't show any serious signs of contraction until February of 2022. Rates have risen sharply and the recent trend is not yet showing signs of bottoming. NAR's chief economist, Lawrence Yun, concurs, "Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year. Inventory is ahead of last year's pace, but at 2.6 vs 2.5 months, just barely! 88% of homes sold in May were on the market for less than a month. All-cash sales accounted for 25% of total transactions, down from 26% in April. Individual Investors bought 16% of homes, down from 17%

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