Recent data shows America’s residential housing market is in trouble. The Economist believes that the situation in the U.S. housing market suggests that a recession is on the way. Many other economists believe the housing market is already in a recession.
According to Redfin.com, U.S. home prices were down in March “3.3% compared to last year, selling for a median price of $400,698. On average, the number of homes sold was down 19.5% year over year.” The number of homes for sale was up 7.1% year-over-year and the number of newly listed homes was down 22.5%. Houses are staying on the market longer — 44 days for homes sold in March — up 23 days year-over-year, per the same report. Fewer homes are coming on to the market and those that are for sale are remaining so for longer periods of time.
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