Home-Purchase Demand Destruction Accelerates, Prices Too High, Buyers’ Strike Deepens: Sales of Existing Homes Head for Worst Year since 1995
The extent to which demand for existing homes has collapsed and remains collapsed is astounding, but ultimately not surprising: Demand plunged in 2022 when mortgage rates soared, and plunged a lot further in 2023 as mortgage rates continued to rise to almost 8% by October 2023. But then as mortgage rates dropped starting in November, …