Existing Home Sales Fall—But Prices Keep Rising Anyway
Home affordability keeps getting worse and worse.
Home affordability keeps getting worse and worse.
Sales rose 4.1 percent to an annual rate of 683,000 in April, the Commerce Department reported Tuesday.
Higher mortgage rates have thrown sand into the gears of the housing market.
Single-family home sales are down 19.2 percent compared with August of 2021.
A much bigger drop than expected.
A sharp slowdown in home sales can be a tell-tale sign that an economic slump is lurking ahead.
Another casualty of the Biden era: housing affordability.
The worst reading since the depth of the early days of the pandemic and lockdowns.
As prices of labor and construction materials soared, spending on building new homes actually declined in October.
More homes may change hands in 2021 than anytime in the last 15 years.
Housing starts disappointed in October as builders grappled with supply shortages and scarce labor.
Strong demand and a moderation in the price of lumber boosted homebuilder sentiment in September.
Home price gains are at an unsustainable 18.6 percent nationally.
Home construction in the U.S. rose by more than expected in June as builders rushed to fill a gap left by a dearth of existing homes for sale and surging demand from families fleeing cities.
Housing prices accelerated their surge in April, hiting the fastest pace ever recorded.