Median Price Declines AGAIN At -4.2% YoY
The most recent existing home sales number were disappointing, showing the “affordability wall” facing American households.
Now comes the bad news. According to the Commerce Department, new home sales declined 5.2% MoM in June, mostly in the Midwest (likely the LeBron James signing with the LA Lakers effect).
Median price for new home sales fell for the second month in a row as new home sales YoY dropped to 2.4%.
Ah, the “affordability wall” appears!
The good news? Since December 2017, we are seeing more new homes sold in the $150k-$299k range.
We are seeing more new home sales in more affordable ranges, driving down the median price.
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