Home sales plunge to two year low

From CNBC:

Home sales fell nearly 6% in July as housing market slides into a recession

Sales of previously owned homes fell nearly 6% in July compared with June, according to a monthly report from the National Association of Realtors.

The sales count declined to a seasonally adjusted annualized rate of 4.81 million units, the group added. It is the slowest sales pace since November 2015, with the exception of a brief plunge at the beginning of the Covid pandemic.

Sales dropped about 20% from the same month a year ago.

“In terms of economic impact we are surely in a housing recession because builders are not building,” said Lawrence Yun, chief economist for the Realtors. “However, are homeowners in a recession? Absolutely not. Homeowners are still very comfortable financially.”

The July sales figures are based on closings, so the contracts were likely signed in May and June. Mortgage rates spiked higher in June, with the average rate on the 30-year fixed loan crossing 6%, according to Mortgage News Daily. It then settled back into the high 5% range. That rate started this year around 3%, so the hit to affordability in June was hard, especially coupled with soaring inflation.

Homebuyers are also still contending with tight supply. There were 1.31 million homes for sale at the end of July, unchanged from July 2021. At the current sales pace, that represents a 3.3-month supply.

While demand is falling off due to weaker affordability, prices remain stubbornly high. The median price of a home sold in July was $403,800, an increase of 10.8% year over year. Price gains are now moderating, though, as this is the smallest annual rise since July 2020.

“The median home sales price continued to climb, but at a slower pace for the fifth consecutive month, shining a light on how downshifting buyer demand is moving the housing market back toward a more normal pace of activity,” said Danielle Hale, chief economist at Realtor.com. “A look at active inventory trends shows that home listings were nearly twice as likely to have had a price cut in July 2022 compared to one year ago.”

This entry was posted in Economics, Mortgages, National Real Estate. Bookmark the permalink.

62 Responses to Home sales plunge to two year low

  1. Hold my beer says:


  2. dentss dunninan says:


  3. Fast Eddie says:

    “A look at active inventory trends shows that home listings were nearly twice as likely to have had a price cut in July 2022 compared to one year ago.”

    If I walk in the front door at a showing and I’m hit with an odorous wave of wet dog and Lucky Strikes, it’s an immediate 10% reduction.

  4. Juice Box says:

    “housing recession” is what the home builders and NAR are calling it now. The dip in sales will only get worse.

  5. Fast Eddie says:

    CNN continues to take its lineup behind the wood shed. Well, when you’ve lost 75% of your audience due to targeting one guy the majority of the time, people will leave.

  6. Juice Box says:

    Ed- CNN was the one of the media companies leading the charge paying their lawyers to argue in court yesterday that the mar a lago affidavit should be released. They cannot survive without Trump being in the MSM 24×7.

  7. Phoenix says:

    Apple attacked by Pegasus again?

  8. Phoenix says:


    It should. You should always be able to face your accusers.

  9. No One says:

    I wonder if providing actual news of the world, rather than opinion in studios, will attract audiences. I would watch it. That’s why I sometimes flip to BBC News. CNN, Fox, MSNBC seem to just offer nonstop partisan opinion without much real reporting.
    The problem is that editors are still slanting reporting when they determine what they decide to cover or not. For example, the FT seems to have become 50% dedicated to environmental and social justice topics, forgetting that they are supposed to be the Financial Times rather than the ESG times. I think it reflects the propaganda that “journalists” have been trained in over the past 30 years.

  10. BRT says:

    This past week, I opened up shorts on ARKK, RBLX, CVNA, PACB again. Slowly building positions on the indexes going inverse SP, QQQ, and IWM.

    Pair trades using SHOP, ROKU, PYPL, RBLX this past month as longs worked out nicely. Closed that. Tried shorting TSLA, BBBY, COIN this week, but TD wasn’t allowing it. Bastards.

  11. 3b says:

    Brian Stelter out at CNN. He is now saying the Hunter Biden laptop story is real, and not just a right wing conspiracy theory.

  12. 3b says:

    In other news Fed officials are out pounding the pavement, saying they ain’t near done, and they will remain aggressive in tightening. Bullard says he favors .075 increase in September, and Kashkari, says he does not know if the Fed can avoid triggering a recession.

  13. Phoenix says:

    Did some shopping yesterday. Tried the newish ShopRite scan as you shop app- took a bit to get going, but not bad.

    Then you get to the register to scan- nope- part of an audit- had to wait for a manager to check that the 3 items that cost eleven dollars were what was in my basket.


    Next, in wealthy town, at Walmart, they now have a person at the door checking receipts. Don’t remember this before.

    Americans cannot be trusted it seems.

  14. Phoenix says:

    Tried shorting TSLA, BBBY, COIN this week, but TD wasn’t allowing it. Bastards.

    Try again with a 100 million dollar balance in your account.

    It will work fine then.

  15. Phoenix says:

    Pegasus is the software you need to predict the stock market correctly every time.

    You can be sure it’s doing just that.

  16. No One says:

    Phoenix, your shtick is getting old.
    Sure, an institutional investor could probably find a way to short those stocks. But that institutional investor would have to shop around with a lot of brokers, not just click a couple of buttons. And he would probably be paying high borrowing costs, putting a big dent in his expected returns. And he’d be signing some agreement acknowledging that the short position could be forced to be liquidated at any moment.
    Wah wah wah, those mean millionaires and Wall St. fat cats get to take bigger financial risks than me!
    Meanwhile if volatile shorts blow up in the face of retail investors, they’ll try to sue TD for letting them do it, or claiming that it’s TD’s fault for not having an infinite sum of stock to borrow.

  17. Phoenix says:

    “Tried shorting TSLA, BBBY, COIN this week, but TD wasn’t allowing it. Bastards.”

    Seems to me it was you that was unhappy you couldn’t do it.

    I simply stated how you could succeed.

  18. Juice Box says:

    re: slanting reporting

    I would say the war reporting is very slanted. Only 5,500 civilians and 10,000 soldiers killed on the Ukrainian side? I doubt that very much.

    Also the news about the reactor, the Russians are occupying it and they are shelling their own soldiers there? I even read we helped target something there with our HIMARS system, as well as all the Ammo dumps in Russian territory that have blown up in the last few weeks.

  19. Phoenix says:

    The Russians aren’t fighting the Ukrainians.

    The Russians are fighting the Americans.

    Ukrainians are just pushing the buttons the Americans tell them to push.

  20. BRT says:

    Phoenix, you are partially right. But anything BTC related, they aren’t allowing. I couldn’t even short RIOT Blockchain, a sh1t smallcap miner. Basically, there was no way to play the BTC downside. Here’s where I think it’s BS. I can’t borrow 1 share of a $10 stock, but I’m allowed to buy infinite put options on that same stock on margin and leverage myself to the moon.

  21. Fast Eddie says:

    Russia/Ukraine War: I still don’t know what the end game is? Okay, level the Ukraine completely. Now what? Declare authoritative control? Was it worth it knowing your economy and global standing is a shell of what it was? You just added two more countries to NATO. Happy now, Putin? Then again, is Russia ultimately going to control the Ukraine at all. Wasn’t this supposed to be over in a week?

  22. Phoenix says:

    Ukraine live briefing: Warnings of imminent attack on Zaporizhzhia nuclear plant; rockets hit Kharkiv

    I’m not worried here in NJ. Don’t think any of that radiation is going to affect me all that much.

    It’s why America likes to fight wars from a distance. Keeps you looking clean and shiny.

  23. Phoenix says:

    If you can’t own it, trash it.

  24. 3b says:

    Fast: Putin set Russia back years. Even if the Russians “win” what did they win? The areas they have conquered are devastated, and the Ukrainians will fight a guerilla war in the occupied areas for years.

  25. Phoenix says:

    America is trying next to get Taiwan into a proxy war with China.

    Now that one will be fun.

    Thanks, Boomer.

    Everyone after Boomer.

  26. Phoenix says:

    The “war” didn’t affect Russia all that much.

    It was the manipulation of currency and control of money flows that did.

    You have seen how America does it’s controlling. You are a Russian, you have a yacht. You are not part of the military. You are just a Russian.

    But America seizes your property anywhere around the world. Imagine if someone did that to you.

    The tanks they lost weren’t worth a crap anyway. It’s the financial war that does the damage. America is showing how it uses this system to control the world.

    Play that game with the wrong country- the outcome may not be the same.

  27. leftwing says:

    “Tried shorting TSLA, BBBY, COIN this week, but TD wasn’t allowing it. Bastards.”

    May not be a bad thing, those can be face rippers….very far out on the risk curve….

    Check your settings…no time to log into my ToS account (TD) but SSE (Schwab) is much tighter on margin, etc and I just popped in with an order to short TSLA for 25% of account size and it would let me, albeit with a 40% borrow rate…

    Again, first time I’ve actually offered straight up financial on here…don’t…

  28. Bystander says:

    Just a wee bit of debt for the NJ tax-payer but who is watching anyway. Debt and Rutgers football, I mean.

    “Athletics spending was long an issue at Rutgers University, New Jersey’s public university funded with state and taxpayer money. Nevertheless, the department always reported modest deficits and stable debt.

    But after a months-long investigation involving nearly a hundred public records requests and a review of thousands of Rutgers financial documents, NorthJersey.com reporters Jean Rimbach and Abbott Koloff revealed that Rutgers athletics had lost far more than it reported to the NCAA in annual reports, showing its debt had grown to more than $250 million — with half of that being loans to cover operating deficits.

    The rising costs were part of joining the Big Ten Conference in 2014, with coaches’ salaries doubling and football — the sport that traditionally brings in cash for athletics divisions — losing millions of dollars.

    What our reporters found by creating dozens of spreadsheets, based on audits, cash flow statements, and debt schedules, was an alarming — and until now hidden — flow of state government, taxpayer and student money to athletics. Losses were more than $73 million two years running.

    Story continues below chart

    All this continued even as the university began imposing furloughs for academic and support staff and instituting a hiring freeze to help cut costs to counter rising expenses due to the COVID pandemic, and at a time when some students had such a tough time making ends meet that the university maintained a food pantry on campus.

    In addition to cash subsidies, the reporters discovered the university was loaning money to athletics at a disturbing rate, millions of dollars annually to cover operating costs and shortfalls — more than $80 million over six years.

    Koloff and Rimbach filed dozens of public records requests and sifted through the records of more than 30,000 credit card purchases totaling nearly $10 million by Rutgers coaches and athletic staff over five years to provide a glimpse of the costs involved in participating in big-time college sports.

  29. Very Stable Genius says:


    A Republican candidate for the House from St. Augustine is spending the final days of the Primary campaign suspended from Twitter after advocating violence against the federal government.

    Republican Luis Miguel, running against incumbent Rep. Bobby Payne of Palatka in the redrawn House District 20, was suspended from Twitter after a tweet advocating that Floridians should be able to shoot federal agents on sight.

    “Under my plan, all Floridians will be able to shoot FBI, IRS, ATF, and all other federal troops on sight,” Miguel tweeted. “Let freedom ring.”

  30. Hughesrep says:

    Rutgers is completely out of their league. They only got the invite because the Big Ten Network wanted access to the NYC TV market. The Big Ten could not care less that they are losing money and can’t compete on any level.

    I can buy season tickets for Rutgers football for less than the cost of a single ticket to a decent Buckeyes game. They are playing in a different world.

    The hayseeds from the Midwest sold the city slickers a bill of goods.

  31. Bystander says:


    He’s moved to the front of the R pack with his patriotic rhetoric, I hear.

  32. Phoenix says:

    This is what I call Grab and Go technology:


  33. Phoenix says:


    Anyone else “tweeting” that would be in prison.

    If they determine he actually did that, he belongs in prison.

  34. BRT says:


    Rutgers was complicit in it because it allows them to justify more and more grandiose spending. The losers are the students who pay their obscene tuition.

  35. BRT says:

    Wegmans by me has new shell lobsters for 8.99 lb. today. They’ve always been perfect on the rare occasion that they have them.

  36. Ex says:

    12:08 Let “stupid” ring

  37. No One says:

    This Louis Miguel character has a weird linkedin page.
    He went to BYU, is an eagle scout, and was a Mormon missionary in Tijuana. This is his Linkedin introductory text:
    Selling a product? Raising awareness about an issue? Raising funds for a cause or political campaign? I’m your guy.

    I began my writing career as a freelance writer while living abroad in Tijuana, Mexico.

    I took advantage of my new location to develop a strong journalism sense interviewing the fascinating immigrant population of Tijuana. I built strong relationships writing human interest stories on artists, news anchors and entrepreneurs, selling these pieces to the travel and multicultural site Perpetual Explorer.com. With the Los Angeles Post, I had the opportunity to indulge my affinity for political and social commentary.

    At the same time, I started familiarizing myself with the realm of online content marketing. I’ve authored hundreds of SEO-friendly content pieces for clients like eTech360, Answers.com, DeWalt, and CountryCode.org. I help my clients drive traffic and educate readers through a variety of forms: landing pages, essays, reports, marketing copy, product descriptions, blog posts.

    In 2017, I took a jump into news and political writing, beginning as a freelancer with established websites before becoming a full-time writer for BizPac Review, a West Palm Beach-based new service that boasts a Facebook audience of +3 million.

    From there, I moved into a different side of the political world with a copywriter position at the consulting firm Majority Strategies.

    Topics I’ve tackled include: personal finance, business and tech news/trends, entrepreneurship, health and fitness, HVAC, education, history, art and music, telecom.

  38. BidenIsTheGOAT says:

    My guess is Humpty Dumpty knew the axe was going to fall so he decided to pivot back to being a journalist. The fake news purveyor game is pretty crowded and he’ll need to land somewhere.

  39. grim says:

    news = entertainment

    journalist = celebrity

    make sense?

  40. BidenIsTheGOAT says:

    If he wants to stay in the infotainment industry then he’d better get a body transplant or a sense of humor. Fat, ugly, bald and boring won’t work.

  41. No One says:

    I wonder what our in-house misogynist thinks about celebrity cry-bully “journalist” Taylor Lorenz, who loves doxxing others in her shoddy news articles but cries when people write mean things about her.

  42. Fabius Maximus says:

    A Little Fat Boy Slim for the Weekend.


  43. SmallGovConservative says:

    The dying Gannett newspaper slobs run a click-bait hit piece on Rutgers on the day after the B1G announces a billion dollar media rights deal, and the football-hating pantywaists like Bi eat it up. 70 mill per year for RU. It’s good to be one of the ‘haves’.

  44. Bystander says:

    Typical Smallbrain dolt. Just slander when you can’t accept truth. Schiano with $450k doordash bills. The taxpayer should be aware. They won’t see a dime of BT money for another 5 years and it won’t help with facility upgrades, NIL and arms race with teams that lap them a dozen times in ticket sales. I guess NJ com is also wrong. What guarantee the RU won’t get kicked to curb at some point? The money will still be due.

  45. Bystander says:

    Sorry, I take it back, Small. Rutgers does care about costs. Have a good weekend all

    Rutgers did not dispute the $450,000 bill (from May 21 to June 22). Rutgers also said the practice — of football players and other athletes being allowed free meal deliveries — still continues on campus today. But starting in late June, the school switched to GrubHub, citing its cheaper costs. Also, GrubHub will be limited to delivering food and beverages only; football players used DoorDash to have non-food items delivered from stores and pharmacies, the report found.

  46. BRT says:

    When I was in grad school at Rutgers, we ate at the faculty/staff dining hall for lunch on most days. Every day during the summer, the football team, post practice would walk past it and into it, had a banquet room reserved and they would have a feast catered to them. Someone’s palm is getting greased by these huge expenditures.

  47. Libturd says:

    Rutgers is no different than any other university when it comes to this crap. Schiano is cheap. Go look at what an Ohio State or an FL spends.

    I’m not commenting on whether it’s right or wrong. At those schools, the football team brings in more money than it costs. Not the case at Rutgers, but if you don’t spend, it will never happen.

    Only NJ complains about this, meanwhile, how much is wasted collecting tolls by tolltaker, or running empty trains or having thousands of sheriffs in every county.

  48. Bystander says:

    “Not the case at Rutgers”

    That is pretty much only thing that matters here. OSU and FL take in tons while RU football taking major losses. Th debt is hopes and dreams “build it and they will come”. More ticket sales, more major donations..fantasy stuff that kids and taxpayers are paying via 40% tuition and fees increase in last decade. The choice is focus on academics, limit athletic spending, try to stay above 500 and have a miracle team once every 25 years. Rutgers is spending like they will be Alabama at some point. Northwestern has figured this out, as example.

  49. SmallGovConservative says:

    Rutgers investment in football — at Schiano’s insistence, during his first stint — is the reason they’re now in the B1G. That invitation is literally the single most important event in Rutgers history. It’s something that every citizen of NJ should be proud of, that their state university is now a member of the most prestigious, successful association of public research universities in the country (plus two great private universities in NW and USC). It’s an affiliation that benefits Rutgers far beyond football, and is something that literally every other football-playing school outside of the SEC, wish they had.

    The article itself is a standard, no-context hit piece designed to attract clicks to a dying ‘news’ organization. RU ran up large food delivery bills during the pandemic as a result of strict, stupid, quarantining rules established by the state and/or CDC. And my guess is that the reality of big-time athletics, which as Lib pointed out is not a topic worth diving into here, is that the cost of delivering junk food to athletes is probably not significantly more than what RU would’ve spent serving the kind of food that they typically would have to those athletes on-site. Just the cost of doing business in the greatest conference in the land.

  50. joyce says:

    “…association of public research universities…”

    I thought it was an athletic conference?

  51. joyce says:

    I find it hard to believe that only in NJ do people complain about this.

  52. Bystander says:

    Small is a fiscal conservative except for RU fball..priceless. Actually a fine line bw priceless and worthless. Selling RU FB as priceless is game now but students and taxpaying bagholders will find out it is latter years from now, after Schiano leaves again.

    In summary:

    “Rutgers athletics has struggled financially since joining the Big Ten, and was last among 52 public universities in the Power Five conferences in donations to athletics for operations in 2019-20. It was next to last in ticket sales and 50th in generated revenue. Meanwhile, it relied on more university support — including student fees — than any of the other schools. Each of the roughly 30,000 students at the New Brunswick campus has paid nearly $400 in fees annually — just for athletics. ”

    End of topic for me.

  53. Crushednjmillenial says:

    Bystander, on RU football . . .

    You cite Northwestern as an example of a school that limits football spending. Great. But, there are 120 or so D1 programs. As a member of the big 10, Rutgers is in the half of programs (say, 60) that are considered “power 5”.

    I don’t know the numbers, but I’d be surprised if RU outspent more than 10 or 15 of the power 5 teams. So, I’d expect RU football spending to be about 50th or so out of 120 program. On “profitability”, again I’d expect RU to be MIDDlE of the pack.

    So, why the focus on Rutgers? Everyone’s, by and large, doing the same thing. Even UMass is D1 now.

  54. Hughesrep says:


    All members of the Big Ten(or14) have to be members of the AAU as well (actually Nebraska is not now, but was when the joined, I forget what happened). They don’t invite schools that are not members of the AAU. The Big Ten actually has fairly stringent academic requirements for the their athletes compared to most other conferences.


    Basically the largest research U’s in the country. The money involved in the research end of the schools in the Big Ten makes the athletic budgets look like peanuts.

    Rutgers still isn’t beating Ohio State, or even Northwestern.

  55. Phoenix says:

    A review of receipts found that football players placed lavish orders from Outback Steakhouse and Red Lobster, plus pizza, tacos, chicken wings and Chinese food, oftentimes from restaurants near their hometowns across the U.S. — not near the Rutgers campus.

    “In one case, a player placed orders a thousand miles apart on the same day, in Florida and New York — and then continued to make orders in Florida for two more days,” the Bergen Record found.

    The Rutgers faculty union said the $450K DoorDash bill shows how much Rutgers pours into its football program, which continually operates at a loss — while refusing to give professors raises in the past few years and laying off adjunct faculty.

  56. BRT says:

    The football program is just the icing on the cake. Rutgers is making it rain all over and has been for 2 decades. And this came after Corzine slashed their funding from the state which was viewed as a death sentence at the time.

  57. BRT says:

    Did we already forget about Chris Christie blowing 100k at Wegmans?

  58. BRT says:

    And it’s funny. They try to convince teachers to go on “professional workshops”. The districts pay for them and also the meal for whatever days you are going. The meal can’t pass a certain threshold, I believe it is $15. And you have to attach receipts and fill out and bunch of paperwork for each meal. It’s not even worth it. I mean, I refuse to go to these things as it is, but if I did, I wouldn’t even try to get the meal money back.

    Meanwhile, Christie and god knows who else, has a debit card that they just swipe, no questions asked.

  59. Phoenix says:

    Americans only elect people who won’t live long enough to see the consequences of their actions.

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