The “Affordability Wall”: New Home Sales Decline 5.3% MoM In June (-2.4% YoY)

By Anthony B. Sanders

Median Price Declines AGAIN At -4.2% YoY

The most recent existing home sales number were disappointing, showing the “affordability wall” facing American households.

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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).

Continue reading The “Affordability Wall”: New Home Sales Decline 5.3% MoM In June (-2.4% YoY)

New Home Sales Decline 7.8% In January (Back To 1995 Sales Level) – Did Mortgage Rate Increases Lower NHS?

By Anthony B. Sanders

Despite America’s growing population, new home sales are only back to levels seen in 1995 when the Clinton push for homeownership began. It was called “The National Homeownership Strategy: Partners in the American Dream.”

They should have called it “Partners in the American Scream” since the house price bubble burst in spectacular fashion.

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After the house price bubble burst starting in Q4 2007, median prices for new homes and existing homes diverged.

Continue reading New Home Sales Decline 7.8% In January (Back To 1995 Sales Level) – Did Mortgage Rate Increases Lower NHS?