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"On Tuesday, the National Association of Realtors said the US housing market could be close to bottoming out, as existing home sales hit the lowest level since 2010.
> Sales slipped 0.7% in January to a seasonally adjusted rate of 4 million units a year, representing the 12th straight month of declines and a 36.9% dive from a year ago.
> For now, prices remain above year-ago levels. The median existing-home price for all housing types in January was $359,000, an increase of 1.3% from the same month in 2022.
> Meanwhile, other market commentators have warned the US housing market is on the verge of a crash akin 2008.
US housing crash: Homeowners have lost $2.3 trillion in value vs. peak
- US homes lost 4.9% of their value from a 2022 peak, equating to $2.3 trillion, according to a report from Redfin.
- That's the largest June-to-December drop in percentage terms since 2008.
- The overall value of homes stood at the $45.3 trillion at the end of 2022.
. . . Redfin cited weakening demand as the Federal Reserve's monetary tightening campaign helped send mortgage rates to a 20-year high of 7.08% in November.
The lower demand sent home prices tumbling. The median US sale price was $383,249 in January, down 11.5% from a peak of $433,133 in May..." READ MORE
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Posted: 8 hours ago
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