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The Collapse Of U.S. Home Sales Is Here
As I have documented below, sales of previously-owned homes in the United States just fell to the lowest level that we have seen during the month of March since 2009. Needless to say, in March 2009 we were in the middle of the Great Recession. Meanwhile, the number of unsold homes that are currently on the market just continues to pile up. This is likely to put an enormous amount of downward pressure on home prices in the months ahead.
Of course the collapse of U.S. home sales that we are now witnessing did not actually begin during the Trump administration.
In 2024, while Joe Biden was still in the White House, sales of previously-owned homes hit the lowest level in almost three decades…
The final figures for home sales last year are in, and the story is quite grim: 2024 was the slowest year for existing home sales in nearly three decades.
Existing-home sales last year totaled 4.06 million, the lowest on an annual basis since 1995, according to the National Association of REALTORS® on Friday.