Biden Crashes Housing Market
Things are going crazy.
The sales of new homes in the United States has plunged much more than previously expected in July to the lowest level in six years. This is happening because of rising mortgage rates and inflation which is sending home prices through the roof.
According to Fox, new single-family homes sales fell by 12.6%. This decline marked the sixth consecutive month of declines.
Furthermore on a year-by-year basis home sales a currently down 29.6%.
Even with declining home sales, the cost of new homes continue to grow higher and higher and the median price for a home has jumped a whopping 9% in July to $439,400.
Nationwide senior economist Ben Ayers said, “The deep correction for the U.S. housing market in 2022 continued into July with a sharp decline in sales activity and reduced construction of single-family homes. Mortgage rates have edged down in recent weeks and that could boost sales in the near-term, but affordability concerns are widespread in many local housing markets with many buyers now priced out of homes.”
