by Wolf Richter
Priced right, any home will sell. But sellers are not wanting to price their homes right.
By Wolf Richter for WOLF STREET.
This is getting relentless: Sales of previously owned houses, condos, and co-ops fell by 1.5% in December from November, the 11th month in a row of month-to-month declines, and by 34% year-over-year, to a seasonally adjusted annual rate of sales of 4.02 million homes, roughly matching the lockdown-low in May 2020, and beyond that the lowest since the depth of Housing Bust 1 in 2010, according to the National Association of Realtors today.
Priced right, just about any home will sell, but sellers are not wanting to price their homes right. And potential sellers are sitting on their vacant homes, hoping for a quick end to this downturn, or they’re putting it on the rental market or try to make a go of it as a vacation rental, rather than dealing with the reality of a mind-blowing housing bubble that has loudly popped