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

submitted 1 week 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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[–] aesthelete@lemmy.world 1 points 6 days ago* (last edited 6 days ago)

In a sane country with a sane group of politicians implementing evidence-based policy, we would have wages that kept up with housing inflation, prevented blackrock and friends from buying up all of the housing, and built higher density housing in cities as a pressure release valve so that we had much more supply.

There are many factors and fiat currency isn't really one of them.