JRE - Amid Weak Demand For Existing Homes Active Listings And Price Reductions Jump Listing Prices Weaken

2024-03-22 08:35:00 ET

Summary

• The seasonally adjusted annual rate of sales of existing single-family houses, condos, and co-ops rose 9.5% in February from January.
• Home sales remain at very low levels as the entire housing market has shrunk by 20% to 25% because homeowners with 3% mortgages are neither buying nor selling.
• The long-term view shows that the rate of sales in January and in the last few months of 2023 had been the lowest since the worst months of the Housing Bust in 2010.

The seasonally adjusted annual rate of sales of existing single-family houses, condos, and co-ops rose 9.5% in February from January, but that increase was smaller than the increase in February 2023 (+11.5%), and so the annual rate of sales at 4.38 million homes, was still down 3.3% from the already collapsed levels of February 2023, according to data from the National Association of Realtors (NAR) on Thursday....

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