‘A Good Reason Not to Panic’ about July’s Plunging Home Sales

by Wolf Richter
Wolf Street

I get chills when insiders tell outsiders “not to panic.”

Home sales plunged 10.9% across the US in July from a year ago, “the biggest national sales decline since April 2011,” nationwide real estate broker Redfin reported, adding chillingly, “but there’s a good reason not to panic.”

When insiders tell outsiders “not to panic,” I get worried. This is what July home sales volume in the US looked like, according to Redfin:

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