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Home sales are down. So why are prices at an all-time high? (www.npr.org)

submitted 3 weeks ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Home prices hit an all-time high in June, even as the housing market continued its post-pandemic slump.

The median price for an existing home sold last month was $435,300, besting the previous record, set in June 2024, according to data from the National Association of Realtors. But overall, sales numbers were at a nine-month low, seasonally adjusted. Sales in June decreased 2.7% from a month earlier.

How can prices be so high when the market is so slow?

"Today's housing market is really haves and have-nots," says Jessica Lautz, deputy chief economist at the National Association of Realtors.

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[–] invertedspear@lemmy.zip 43 points 2 weeks ago (1 children)

Make a new law that a corporation cannot own single family homes and individuals cannot own more than two single family homes, condos, or cabins and the housing issue is solved. People can still have a vacation home, or a single rental property, a few for a married couple, but they don’t get to own 50 homes anymore unless they want to run an apartment complex. I do think there is societal value in rentable single family homes, but it’s gone too far.

Give them one year to divest, and start charging a tax if they don’t that starts at 25% of the homes assessed value, and raises 25% every year thereafter.

[–] Scolding7300@lemmy.world 17 points 2 weeks ago (1 children)

And ban airbnb for longer than X months per property per year

[–] fodor@lemmy.zip 7 points 2 weeks ago

X weeks. :-)