NO END IN SIGHT: Existing home sales drop 0.4% to lowest level since 2020
Wall Street Journal Chief Economic Correspondent Nick Timiraos discussed strategy surrounding the Fed's speculated decision to combat inflation by potentially hiking interest rates by another 75 basis points ahead of their announcement Wednesday., surging inflation and steep home prices continued to push prospective buyers out of the market.
Sales have fallen to the slowest pace since June 2020, when the economy was still deep in the throes of the COVID-19 pandemic. Excluding that, this is the worst period for home sales since 2015. The last time that home sales plunged for seven consecutive months was between August 2013 and January 2014.
At the current pace of sales, it would take roughly 3.2 months to exhaust the inventory of existing homes — down slightly from the 3.3 reading recorded in July. Experts view a pace of six to seven months as a healthy level. Federal Reserve
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