May saw a 0.7% decline in home sales, following the slowest pace in April since 2009, highlighting significant challenges in the housing market. Meredith Whitney, a prominent financial analyst, suggests that 2023 could mark the worst year for home sales in decades, potentially seeing actual sales much lower than the anticipated 4 million. She warns that the sluggish housing market could have troubling ripple effects on the broader economy. Factors contributing to this dilemma include inflation and a slowdown in retail spending and overall economic momentum.
Existing home sales fell by 0.7% in May compared with the same month last year, according to the National Association of Realtors, following the slowest April for 16 years.
Whitney thinks the actual number may be significantly below that figure. "That poses a real problem for the general economy," she said.
As a result, she said a slow housing market had "ripple effects across the board."
We think it's going to weaken throughout the year."
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