The biggest problem facing the US housing market is that there aren’t enough homes. Slowing sales probably won’t alleviate the situation and over time could make it even worse.
The National Association of Realtors on Wednesday said there are 5.12 million previously owned homes was sold in june, at a seasonally adjusted annual rate, down from May’s 5.41 million. These are both the lowest levels since the early months of the pandemic and below the pre-pandemic trend. It reflects an affordability problem, as soaring mortgage rates and soaring home prices weigh on sales.
