The U.S. housing market is losing its wheels as consumers seem to be spooked by the possibility of a recession.

Economist Robert Shiller has already warned that the U.S. housing market might crash and home prices could start declining. And now, the monthly housing trends report for August 2019 from Realtor.com (a real estate listing website) suggests that a housing downtrend might be around the corner.

Weak price growth stokes fear of a potential U.S. housing market crash

us housing prices
U.S. home values have declined year-over-year and are taking longer to sell, industry data reveal. | Image: Shutterstock

Realtor.com’s latest data reveals that the median listing price for a home in the U.S. was $309,000 in August, up 4.9% from the prior-year period. But the price declined 1.8% month over month.

The time a house spent on the market increased three days from last year and four days from July to a median of 62 days in August 2019.

What’s alarming is that the U.S. housing market traditionally picks up the pace during the summer months, but that doesn’t seem to be the case this time. Realtor.com points out that the July to August decline was the largest seen since 2012 when the site started compiling U.S. housing market trends.

The latest data from Realtor.com adds to the pall of gloom over the U.S. housing market and exposes us to more data points that indicate a crash might be on the way.

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