by Wolf Richter
Wolf Street
Too-high prices trigger demand destruction, market freezes.
Sales of existing homes – single-family houses, townhouses, condos, and co-ops – that closed in February fell by 5.2% from the abysmally low levels a year ago to 257,000 deals, not seasonally adjusted, down by 27% from February 2022 when home sales began their free-fall after prices had spiked to ridiculous levels, thereby crushing demand.
The blue lines connect the Februarys.