We're in a ‘Housing Recession,' Experts Say. Here's What That Means for Homeowners, Sellers and Buyers

📆 8/23/2022 2:50 PM
📰 nbcchicago

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While home sales last month were down more than 20% from a year earlier, prices are up more than 10% and demand remains strong despite a slowdown.

'Homeowners are in a very comfortable position'

"Homeowners are in a very comfortable position financially, in terms of their housing wealth," Yun said. He alsoSales of existing homes were down in July by 20.2% to 4.8 million properties from 6 million a year earlier, according to NAR. However, the median price last month was $403,800, up 10.8% from July 2021.

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