Source: Deseret News —
July was an even more sluggish month for the U.S. housing market as sales of previously owned homes slipped by 6% from June and a whopping 20.2% year over year.
Home prices are still high, though, with the median existing home sales price up 10.8% from a year earlier to $403,800 — though that’s down slightly from the previous month when it was $413,800, a record high.
Meanwhile, inventory continues to tick up as an increasing number of priced-out buyers drop out of the market and sellers grapple with the hangover left in wake of the pandemic housing market frenzy that has now simmered down.
All this is according to the National Association of Realtors’ latest monthly report issued this past week, which is the latest indicator that the U.S. housing market is in what a growing chorus of experts are deeming, indeed, a recession.
But be careful. The word “recession” applies to certain dynamics happening within today’s market — and doesn’t equate fully to the global recession we all know from the housing bubble burst in 2006.
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