What’s The Outlook For The Housing Market?

Housing sales continue to tumble as October marks the ninth month in a row we’ve seen falling numbers. It saw a 5.9% drop in sales from the previous month, with annual figures down 28.4%. It’s the longest downward trend since 1999 and it’s causing analysts to question what it might mean for the housing market. Because just like a lot of the economic data that we’re seeing right now, it's not all bad. Despite the number of house sales showing a very clear downward trend, average values have so far been holding up reasonably well. The median home price in the US hit $379,100 in October, representing an increase of 6.6% over the 12 months before. It’s not all gravy though, with that figure having come down from its June high of $413,800. So what are we seeing here? With home sales numbers continuing to go down and the median price coming off its top, is this the beginning of a housing market downturn? Or is real estate simply taking a breather before it charges back up again? To continue reading the rest of the article, please click on the source link below: https://www.forbes.com/sites/qai/2022/11/22/whats-the-outlook-for-the-housing-market/?sh=49449cc34f51