Fannie Mae Chief Economist Predicts Housing Market Downturn
“A sharper downturn in residential investment is now underway,” said Fannie Mae chief economist Doug Duncan. “The new home sales report released today by the Census Bureau clearly points to a housing market that has turned.”
According to MarketWatch, Single-family home sales fell sharply by 16.6% in April to a seasonally adjusted annualized rate of 591,000, according to Census Bureau data released Tuesday.
That was the slowest rate of sales since April 2020 during the earliest days of the COVID-19 pandemic, offering respite for buyers that the market is cooling.