'We are surely in a housing recession': Home sales plunged in July amid cooling real estate mar...

'We are surely in a housing recession': Home sales plunged in July amid cooling real estate market

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Home sales in July dipped sharply relative to both June and to one year ago, further indicating both a major cooling-off of the real estate market as well as potential economic turmoil in the near future. 
The National Association of Retailers reported this week that "July 2022 existing-home sales were down 5.9% from June and 20.2% from one year ago, with all four major U.S. regions recording month-over-month and year-over-year declines."
"The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June," NAR Chief Economist Lawrence Yun said in a news release announcing the...
Source: https://justthenews.com/nation/economy/we-are-surely-housing-recession-home-sales-plunged-july-amid-cooling-real-estate?utm_source=justthenews.com&utm_medium=feed&utm_campaign=external-news-aggregators