“The good news is that home sales have likely already bottomed, and the pace of sales will begin to settle into a new normal below the breakneck pace of 2020 and 2021, but also not as low as earlier this year," Mark Fleming, chief economist at First American, wrote in a blog post.
According to First American’s proprietary model, potential existing-home sales inched lower in June and were down 2.8% from a year earlier.
