The housing market has stalled.
The housing market went through explosive growth after a short slowdown at the beginning of the pandemic. The number of existing homes sold nationally was around 5.5 million annually; it exploded to 6.6 million by early 2021, more than a million units above its pre-pandemic level. Prices rose rapidly from $316,000 to $381,000, a 21% increase. Sales volume started to drop in 2022 due to higher prices; however, prices continued to rise.
Click here for the latest Lehigh Valley Economic Review.
Listen to Economic Pulse Fridays at 5:44 PM during All Things Considered; Mondays at 7:30 AM during Morning Edition.
(Original air-date: 7/5/24)
