Existing Home Sales Drop

Home sales fall to lowest level since 2010!

According to new data released today by the National Association of Realtors (NAR), sales of previously owned homes dropped 1.5% in December from the prior month, to an annual rate of 4.02 million units.

On an annual basis, existing home sales are down 34% when compared with December 2021.

Existing Home Sales Drop

Today’s home sales data shows that existing home sales are now at the slowest pace since November 2010!

There were about 970,000 homes for sale at the end of December, according to the report, a decline of 13.4% from November but up about 10.2% from one year ago.

Also, according to a market report published Wednesday by Redfin, sales of luxury U.S. homes fell 38.1% year over year during the three months ending Nov. 30, 2022, the biggest decline on record and outpaced the decline in sales of non-luxury homes.

Now, if you think this is bad news, you are correct, but you better fasten your seatbelt, because more bad news for the housing market has also been announced this week.  This news affects a lot of high-tech good paying jobs which are now being cut by massive numbers.  Yes, just this week we heard that Google plans to lay off 12,000 people from its workforce, while Microsoft said Wednesday that it’s letting go of 10,000 employees. Amazon also began a fresh round of job cuts that are expected to eliminate more than 18,000 employees and become the largest workforce reduction in the e-retailer’s 28-year history!

Unfortunately job cuts like these, are going to put pressure on many homeowners  who may not be unable to keep up with their mortgage payments.

Existing Home Sales Drop

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