Total Y/Y Home Sales Down 7%, But Plunged 17% At Bottom (<$100k) While Up 7% At Top (>$1m)

First time home buyers continue to be absent from the housing market.....That speaks to both affordability (lack of) and household formation. It also shows clearly the shortcomings of the continuous appeal to the insidious “wealth effect” as it fails to trickle to anyone other than those directly experiencing asset inflation
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