by Wolf Richter
Wolf Street
But wait… Supply suddenly burst from the woodwork when mortgage rates surged before the Housing Bust. And for a reason.
Sales of previously owned houses, condos, and co-ops in December fell by 4.6% month-to-month and by 8.3% year-over-year, to a seasonally adjusted annual rate of 6.1 million homes, the National Association of Realtors reported today. It was the fifth month in a row of year-over-year declines, amid very tight supply and rising mortgage rates (historic data via YCharts):