A Cry from the Appraisal Trenches: The Fall of GSE Oversight

[djd09]

Sales of Existing Homes Drop to Worst March since 2009. West, South, Midwest, Northeast All Get Crushed. Supply Surges to Highest since 2016​

The feverishly anticipated spring selling season is starting out as a dud. Sales of existing homes – single-family houses, townhouses, condos, and co-ops – that closed in March fell by 3.1% from the already frozen volume a year ago to 315,000 deals, not seasonally adjusted, down by 31% from March 2022, which was when home sales began to plunge after prices had spiked in many markets by 50% or more in just three years, to ridiculous levels, thereby destroying demand.

Demand destruction on display: The seasonally adjusted annual rate of sales of existing homes fell by 5.9% in March from February, and by 2.4% year-over-year, to a rate of 4.02 million, the worst March since 2009, according to the National Association of Realtors today. From the Marches in prior years (historical data from YCharts):

Sales of Existing Homes Drop to Worst March since 2009. West, South, Midwest, Northeast All Get Crushed. Supply Surges to Highest since 2016 | Wolf Street

what a mess they have already created...good luck hybriding in east cleveland