Posted on 04/20/2023 7:37:38 AM PDT by Kaiser8408a
We are on the Biden/Fed crazy train!
According to the National Association of Realtors, existing home sales fell -2.4% in March from February. And fell -21.97% since the same time last year (YoY).
And the median price of existing home sales fell -0.9% in March, the first negative growth since 2012.
This is like a Hardy Boys novel.
(Excerpt) Read more at confoundedinterest.net ...
negative price growth is called a crash
Median home prices only fell by 0.9%. That’s basically statistical noise. I’m not sure if we can get out of this economic mess without losing some home value.
building homes in every spot of land in Texas for blue state refugees.
Kool
and the baby-killing, man-hating radical feminists think Biden is great too.
They are still building here in the Greenville, SC area as well, though it seems that sales have gone down. There are several houses in my fairly new neighborhood that have been available for a very long time.
This is EXISTING homes. Not new construction homes.
Existing homes are down because NOBODY wants to sell the home they are currently in and replace it with a more expensive home plus a mortgage at 2-4% points higher than their existing mortgage.
it’s crazy here, houses, small strip centers all kinds of building going on. look at a new addition of houses in a fairly new subdivision. 680K
And a price drop is inconsistent with “Inventory For Sale remains MIA”. Unless buyers are also MIA.
To be fair April 2022 was a red hot real estate market. It started to crash about a month later as rates went up. So mathematically this isn’t a surprise.
Without dips, the next generation couldn’t afford to buy in. That’s usually how it works, instead .gov helped to inflate asset prices through out a vast amount of markets. RIP gen x,y,z etc
In which area of TX do you live? Went through there a couple of years ago to Lubbock. Loved seeing the huge ranches and great speed limit on Route 20 (I think that’s the right road!).
OK, I get that, but still interest doesn’t care if it’s new or existing. You have to deal with 7% + either way. So shouldn’t that also slow down or kill new construction?
Our crib is in central part of Texas along the I35 autobahn.
The 35 autobahn is not very bahn.
As long as they have illegal Mexicans to keep building homes, I guess they’ll continue building them.
didn’t someone once write “bahn is in the eye of the beholder”??
So mathematically this isn’t a surprise.
*************
The math of home ownership is becoming increasingly onerous. Rising utility costs, increased maintenance and upkeep expenses, rising property taxes, rising insurance, etc. All this at a time when, over the past two years, wages have not kept up with inflation.
And we are heading into a recession.
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