New home sales were strongest in the Northeast, where overall new construction is low, so swings can be large. It was also strong in the South, where homebuilding is busiest. Sales, while higher, were weakest in the West, where prices are highest.
6.6% 30 year rate, about normal from my perspective. Actually not bad at all compared to what I have paid in the last 50 years that ranged from 6% to 14%.
Houses and just about everything else are too high now though. They went up too much in covid.
Housing demand being so inelastic, it will be interesting to see what getting rid of millions of illegal aliens will do to home prices and therefore subsequent construction (often performed largely by illegal aliens).
New home sales soar 20%
Gee I guess I can get a bigger tent now with flaps.
Not near me. Homes have gone from 2 weeks on the market, to four months. Finally the investment goons have stopped buying. Hopefully some downward price pressures do their job.
Things are a little slow in Scottsdale but prices holding steady.
China/other foreign investors?