Newsweek, February 5, 2024, Housing Market Sales ‘Crash’ Amid Real-Estate Recession Warning
After booming for two years during the pandemic, the U.S. housing market experienced a significant price correction between late summer 2022 and spring 2023. Higher mortgage rates—which last year reached two-decade highs—caused demand to plummet and prices to slide across the country, something that led some to say that the housing market is in a bubble that would eventually burst, triggering a crash.
Wake’s conclusion was based on data derived from residential deeds recorded by Maricopa and Pinal Counties updated to December 2023 and compiled by Cromford Associates LLC. Annual home sales for single-family homes in Phoenix were 125,392 in 2021 and dropped to 97,924 in 2022 and 75,649 in 2023.
