Posted on 11/28/2024 9:29:28 AM PST by george76
The last gasp of the Biden/Harris reign of (economic) error..
After existing home sales unexpectedly ticked up in October, analysts expected new home sales to slow after their recent resurgence (-1.8% MoM). They were right… BUT… the magnitude is mind-boggling..
New Home Sales collapsed 17.3% MoM in October. That is the largest MoM drop since July 2013.
...
That MoM plunge dragged sales down 9.4% YoY to 610k SAAR – the lowest since Nov 2022
...
Of course, all the revisions are lower
….
median sale price of a new home increased to $437,300 in October, the highest in 14 months.
ugly
overpriced
I am pretty sure the numbers coming out over the next year or so will be quite accurate. Bad, very bad.
Unfortunately most people will take the bait of big media and blame Trump and his policies for it, not understanding there is a long lag between cause and effect.
Do not make an assessment until at least the summer of 2026.
The Bidens cost my daughter her 6 figure job...a couple years out from retirement. 30 years..and they crapped out on her because of Biden and the mortgage rates,
With any luck, there will be lots of “existing homes” on the market here in the DC area. It’s about my only hope at keeping the lib property tax vultures at bay.
This is an all time high.
73% of home buyers between July 2023 and June 2024 did not have a child under the age of 18, which breaks a previous record since they started collecting the data in 1981.
If we are on the verge of deporting 10 or 20 million people, housing prices should be expected to drop. For the people who wanted to sell their house and make a quick million, I guess that’s bad. But, for the country, dropping home prices is a very good thing. We need to bring back the American Dream — Good jobs, Good wages, Affordable homes.
My kids cant even afford their rent. I have to help them with it. I hope the market comes back to a reasonable level. I dont like renting , especially when I am not living there. Their rent is almost three times my payment.
This is interesting. A week or so ago a neighbor put his property up for sale in our area. I thought they were going to have a rough time, due to interest rates, winter almost here, the political changes and all the uncertainty etc...
But I’ll be darned, I noted yesterday their property was shown listed as a pending sale. I was pretty much surprised by this.
“Canadian existing home sales dipped 0.7% in seasonally-adjusted terms in October, but they were up a still-gawdy 32.1% from year-ago levels.” https://economics.bmo.com/en/publications/detail/c78b3703-f75a-4149-a501-c2d3b034b3c4/
Hopefully the liberals moving out?
House across the street in MA went on the market and sold almost immediately. Not seeing anything like the fearmongering.
We are headed to a giant crash.
It all depends what market you are in. Real estate still selling like hotcakes here and it is impossible to buy any kind of 2 family or other rental housing unless you are willing to pay over list, with cash.
Not in Atlanta. Low inventory, high demand.
Banks and investment companies have been able to add real estate to their portfolios. That was a few years ago and prices went up with it. We aren’t competing with illegals, we’re competing with a feudalism.
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