Home Sales Plummet to 12-Year Low as Affordability Craters
• Home sales down 15% compared to last year, at lowest rate since 2010
• High home prices and borrowing costs making homes less affordable
• Median home price has doubled since 2019 while mortgage rates at highest since early 2000s
• Inventory remains low with 50% fewer active listings compared to 2019
• Sales falling most sharply in Northeast where prices rose fastest