Press Release: U.S. Housing Market Hits Slowest Sales Pace in a Decade
In a striking comparison, the U.S. housing market’s slowdown mirrors 2015 trends, when “Fifty Shades of Grey” dominated box office sales. Recent data from Attom reveals a significant drop in transactions, with 248,233 residences sold in February—representing a 7% decrease from last year and a staggering 9% below the 20-year average for the month. The last time sales dipped this low was during February 2015, highlighting the impact of rising interest rates initiated by the Federal Reserve to combat inflation.
Despite interest rates climbing to 6.8%, home prices remain resilient—with a median sales price of $352,000 in February, just shy of the all-time high. This marks a doubling of prices over the past decade, while mortgage payments have tripled relative to income growth.
The broader picture reveals a continuous decline in home sales, with 3.96 million residences sold over the last year—down 37% in three years and under the 4-million mark for the ninth consecutive month. The last similar period was also in February 2015. As economic uncertainties loom, potential homeowners continue to grapple with affordability challenges.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
