Reuters reports U.S. home sales hit their lowest level since 2001
Reuters reports that existing-home sales in September fell to their lowest level since 2001. Housing construction has also weakened, with the number of homes under construction down approximately 40% over five years.
Builders are cutting prices and offering incentives worth an estimated 10%–15% of average selling prices to attract buyers.
This is a much more concrete warning than the $13.2 trillion headline. The market is struggling to move homes even while builders compete aggressively for fewer buyers.
U.S. home prices fall for the third consecutive week as pending sales hit a record low
Redfin reported that the median U.S. home-sale price fell 0.4% year over year to $388,604. Pending home sales dropped to 275,484, the lowest level in records dating back to 2021.
There were also 2.1% more homes on the market than a year earlier, while homes took longer to sell.
Three consecutive weeks of falling prices, combined with historically weak pending sales, suggest the slowdown is spreading beyond individual housing markets.
https://www.redfin.com/news/housing-market-update-sale-prices-keep-declining/
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