Posted on 05/27/2021 10:51:52 AM PDT by Recovering_Democrat
Pending home sales took a hit in April as the shortage of affordable housing remains a headwind for house hunters.
The Pending Home Sales Index dropped 4.4% to a reading of 106.2 for the month as reported by the National Association of Realtors.
(Excerpt) Read more at foxbusiness.com ...
Homes sales and home starts are down because you can not get appliances, OSB, windows, doors, electric panels, and engineered wood products.
These are all causing a decrease in new homes sales/closes.
I have heard of builders having to deposit money into an escrow account for appliances. People are moving into their newly constructed home without kitchen appliances.
The economy was a runaway freight train until this dumbass was installed in the coup.
Salad days for appliance repairmen.
Notice it said “affordable” housing.
Existing home prices have been skyrocketing the last two years. Many homes are getting snatched up soon after being listed (in the areas I’ve been watching). I’m reading where real estate agents are saying sellers are receiving so many offers they’re basically auctioning it to the highest bidder.
This reminds me of the mania in 2004/5/6 before the big crash.
I just repaired a 1990 Echo string trimmer and a 1990 Stihl chainsaw because new ones are not available. Sold out and do not know when they will get anymore. Frankly, I was going to repair the chainsaw anyway. A new 026 is $625
In my neighborhood in Austin homes are selling at $700+ per square foot.
Insane
SELL!
The U.S. economy has been running on fumes for years.
Good. I’m in the market for a house, but not at prices and condition of stuff that is out there in “wishing price mode”.
I wonder if I could sell my barn ie the wood
The problem is that the places where I would consider moving to such as New Braunfels, Fredericksburg, or Hilton Head are all blowing up as well.
Sell it before someone steals it!
Sell it before someone steals it!
The issue is the availability of homes for purchase.
Otherwise the market is on fire and fixing to explode.
In CA homes are doubling in price every 5 years. I suspect the same can be said throughout the country.
Home sales are down because there are very few homes available because “work from home” became a thing and a gazillion people moved in a very short time. Result is supply got bought up, most who wanted to move did, and both supply & demand are way down.
I know because I was looking for a place and watched supply explode (as many left homes) then collapse (as apartment dwellers moved to houses).
Not actually Biden’s fault.
With this inflation every day that passes means the same home costs more.
Every day.
Until it all implodes again.
bookmark
Here in Port Saint Lucie home sales are so high, paint stores like Sherman Williams are running out of paint.
Honest.
Happened three days ago here.
Sell and buy a motorhome. They are getting cheaper as gas goes up. Then you can park it in Californicate and get all the free handouts to live on.
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