NewsNation

Is the housing market in a recession?

(NewsNation) — Just a few months ago the housing market was superheated and ultra-competitive as home prices surged amid demand that far exceeded supply. New data suggests the housing market may be heading for a recession, and turning to a buyer’s market.

Sales of pre-existing homes fell 5.9% from June to July and 20.2% from a year ago, according to data from the National Association of Realtors.


“We’re witnessing a housing recession in terms of declining home sales and home building,” said Lawrence Yun, chief economist for the National Association of Realtors. “However it’s not a recession in home prices. Inventory remains tight and prices continue to rise nationally.”

Uri Man, a real estate developer in Miami, pumped the break on talks of a buyer’s market in the housing market, saying it is still “very much a seller’s market.”

“You talk about the prices, that’s the real story, prices have still gone up year over year, prices continue to go up and that’s because there is no inventory,” Man said.

Man said the U.S. has never seen its current circumstances where home builders are “purposefully” building less homes.

Man’s full interview on NewsNation “Rush Hour” can be viewed above.