Posted on 07/26/2023 7:34:44 AM PDT by Kaiser8408a
New home sales in June fell -2.5% from May to June to 697k units sold. But on a year-over-year (YoY) basis, new home sales are up 23.8%. Thanks largely to The Federal Reserve slow walking the shrinking of their massive balance sheet.
Too much monetary stimulus and The Fed’s failure to remove the Covid stimulus is now hitting new home sales.
(Excerpt) Read more at confoundedinterest.net ...
I don’t think the FR demographics know how difficult it is to purchase in this environment. There is simply zero supply.
I purchased a split level in 2018, when I thought we were in a bubble about to burst. I figured, “if we buy this first home high, we will sell when the market returns to a high.” Oh, I was ignorant.
We sold that home in May of this year for a ~$120k profit. We purchased our ~2000 sq ft ranch in a nicer community closer to the lake for $770k. This ranch would have been a ~500k home in 2018, or a ~300k home in the early 2000s.
We only managed to grab it by private sale. The sellers wanted a no fuss transaction, to close 6 months from the date we put in an offer. We took that, found a lender willing to lock in a rate 180 days away, and sat on our hands for half a darn year.
Thank god we had a home to stay in while we waited.
We spent TWO YEARS looking for our new home!!!
Agree the inventory in our area of metro Atlanta is so low your house sells in less than a week.
I remember Watergate... and today is the lead up to the biggest scandal in our history. Today is a day for Hunter and Biden bribery stories..
Thank you Biden. My daughter was two years away from retirement and the mortgage company “reorganized”.
In a nearby upstate NY town where EMployment is 56%, the town board wants to clamp down on rental properties. No more rental properties until further notice in the hopes that the land bank will give away (with heavy gov’t subsidiation) homes and make renters into homeowners by edict.
Then they’ll develop some programs to “help” these “homeowners” repair their places as the housing stock is mid 18th century. After that comes the wrecking ball. Same old playbook.
We listed our home on a Thursday, realtor’s orders, and we had six showings between Thursday and Friday. The open house was on Saturday. That Saturday night, we had NINE OFFERS.
We sold to the a new family — a husband/wife/newborn who didn’t have the highest offer, but we wanted a family over the LLC with the highest offer and the single gentleman with the second-highest.
It’s an utter madhouse. The open house had 40+ visits, a line down the street. Insanity. Folks need homes!!!
Yes we are almost finished with the rehab of our little 1350 sq ft brick ranch on a small lake in an old neighborhood. There are only 9 homes on the lake and they never go up for sale. We expect a bidding war. Then were moving to our rural compound.
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