Sales of all types of previously owned homes – houses, condos, and co-ops – fell for the eighth month in a row, by 1.5% in September from August, to a seasonally adjusted annual rate of sales of 4.71 million homes, according to the National Association of Realtors in its report. Compared to the peak in October 2020, sales were down 30%.
Beyond the two lockdown months of April and May 2020, this was the lowest rate of sales since March 2014, and since the summer of 2012, indicating to what extent the housing market is frozen. Potential buyers refused to even look at prices that sellers want. Sellers refused to cut their aspirational prices to where the buyers might be – though there is a lot more price cutting going now than a year ago. And other potential sellers waited for a Fed pivot that would lead to lower mortgage rates and higher prices before they put their homes on the market – though the opposite is now happening (historic data via YCharts):
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