Today’s housing market is mirroring what happened in 2007, according to a new report released today.
The National Association of Realtors found the share of new homes purchased in 2024 increased slightly to 15 percent, but existing home purchases declined to 85 percent.
That reflects the same housing market that existed in 2007, when new home purchases also made up roughly 15 percent of the market share and existing homes were 85 percent.
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, said this shouldn’t sound the alarm yet though for those concerned it means another Great Recession is on the horizon.
“Before anyone raises the red flag on numbers being similar to 2007, it’s important to note the process of getting a mortgage for a home—be it a new build or existing property—is far more comprehensive than prior to the Great Recession,” Beene told Newsweek. “It’s not so much this …