'HOUSING RECESSION': Existing home sales plunge in July to lowest level in 2 years
U.S. existing home sales slowed for the sixth consecutive month in July as, surging inflation and upticks in home prices continued to push prospective buyers out of the market.
Sales have fallen to the slowest pace since May 2020, when the economy was still deep in the throes of the COVID-19 pandemic. The last time that home sales plunged for six straight months was between August 2013 and January 2014. At the current pace of sales, it would take roughly 3.3 months to exhaust the inventory of existing homes — up from 2.9 months in June and 2.6 months one year ago. Experts view a pace of six to seven months as a healthy level. Federal Reserve
Jerome Powell, chairman of the Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., on May 4, 2022.
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