The real estate market is grappling with a significant downturn as home sales experience a sharp collapse, dropping to levels reminiscent of the housing bust’s worst months in 2008 and 2010. In October, sales of previously owned houses, condos, and co-ops plummeted to an annual rate of 3.79 million homes. Simultaneously, home prices continue to decline, while the supply of available properties sees a notable increase. Breaking news reveals a unique twist as the share of Americans without mortgages hits an all-time high, reaching 33.3 million homes—a substantial 31% surge from a decade earlier, reflecting a complex landscape in the housing market.
Home Sales Collapse, Prices Drop Further, Supply Jumps.
Sales of previously owned houses, condos, and co-ops, at a seasonally adjusted annual rate of 3.79 million homes in October, have collapsed to levels not seen since the worst three months of the housing bust: The… pic.twitter.com/9eB6gpHfPn
— Wall Street Silver (@WallStreetSilv) November 24, 2023
BREAKING: The share of Americans who are mortgage-free is at an all-time high, per Bloomberg.
— unusual_whales (@unusual_whales) November 23, 2023