Yes, home sales are down apparently down to 2009 levels. There is a big difference though in that the last time home sales were low it was because demand was low. Houses would sit on the market for months or in some cases a year or more.
This time around home sales are low because far fewer homeowners are interested in selling. There are fewer houses on the market. When interest rates are below 5% again homeowners will be more interested in moving.
The housing market isn’t anything like it was during the crash but it isn’t healthy either as it strongly favors sellers. Some experts are predicting a buyer’s market in 2024. That seems very unlikely. I don’t think we will see big changes the end of the decade.
