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Existing home sales tumbled to a two-year low in May. Sales fell to a seasonally adjusted 5.41 million units, according to the latest data from the National Association of Realtors.
According to the NAR, it would take 2.6 months to exhaust the current housing inventory. That’s up from 2.5 months a year ago.
We expect the housing bubble to continue to deflate as we move through 2022.