The home sales slump in the U.S. continues: Last month was the slowest May for existing home sales since 2009.
Existing home sales in May fell 0.7% compared to the same month last year. Measured monthly, sales were up slightly, 0.8%, from the month before — but that marks an increase from the slowest April for existing home sales in 16 years.
I think one only has to look at what is happening in areas of Arizona which has many homes sitting on the same street for sale, dropping their prices, staying on the market for over 100 days. Their average is down 13%+ sales, particularly in many of the suburban areas. On the rent side, landlords are offering 1 month free rent, lots of incentives.
In CA, add the cost factor of trying to find reasonably priced insurance. My barber says his friend is on his 6th home insurance company after being dropped…for no reason (CA fires.)
A lot of the problem across the country was the buying in 2022 after COVID when building stopped, bought too high. Now they are losing value and can’t get rid of them at the price they want.
There’s like 5 houses for sale on my street in socal