SINKING FOUNDATION: Housing market sees most severe drop in nearly 2 decades
The six-month decline marks perhaps the fastest drop off since 2005, according to Seeking Alpha.
The average seasonally adjusted rate of home sales over the past decade hovered around 5.35 million, but the current level is at around 4.81 million, down from 6.50 million in half a year. Only the first year of the pandemic shows a more severe decline in home sales. A For Sale sign is posted in front of a property in Monterey Park, California on August 16, 2022. - The US housing market is declining amid higher interest rates with fewer starts and more cancelled deals.
The previous non-pandemic rate to hit a similar cliff dive occurred in 2005 after the housing bubble peaked. The following decline occurred over nine months from 2006 into 2007 and rolled into the housing crisis of 2008. And the Conference Board posted an annual rate of change in its Leading Economic Index of 0%. Seeking Alpha noted that should the rate enter negative territory, it would be the 13th time since 1960, and 66% of those previous instances preceded a recession.
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