Bad-to-worse news continued to plague the housing market this week as Redfin reported that the number of homes sold dropped 25% year over year while new listings fell 22%.

These represented the largest declines since May 2020 and April 2020, respectively, when the onset of the pandemic brought the housing market to a near halt.

Redfin Economics Research Lead Chen Zhao said in prepared remarks that the U.S. housing market is at another standstill.

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