New home sales are plummeting as concerns about a recession are on the rise.
The housing market is seeing signs of slowing down.
Steve Cortez tweeted:
Sales plunge as prices stay high.
Stagflation in Housing.
The economic mess brought to you by the inflationary madness of Biden-Pelosi-McConnell pic.twitter.com/rYwMCmsXPi
— Steve Cortes (@CortesSteve) May 24, 2022
The average price of homes has skyrocketed over the past few years. The Biden economy is a mess.
Average price of a new home in the US…
2021: 435k (+21% YoY)
2022: 570k (+31% YoY)
— Charlie Bilello (@charliebilello) May 24, 2022
The estimates were a bit off.
New home sales
-16.6% vs -1.7% est
LOL nice estimate bro.
— Inflation Tracker (@TrackInflation) May 25, 2022
The Daily Caller reports:
Home prices have rose by 18.8% last year, according to the S&P CoreLogic Case-Shiller National Home Price Index, a method of measuring average home prices in major metropolitan areas, the WSJ reported. Fewer home buyers are first time buyers, down to 27% in January of this year down from 33% the year before, the National Association of Realtors stated, according to the WSJ.
Home prices are continuing to rise, despite the Fed’s increasing interest rates. A February poll of 33 property analysts estimated U.S. housing prices rising by 10.3% this year, Reuters reported. Home prices rose to a median price of $375,000 in March of this year.
It is difficult to know what to do in this Biden economic mess. Stocks are down. Inflation is up. Housing sales are down. These are very stressful and unique times we are in and tragically, almost everyone has similar concerns.