"This Will Be Worse Than 2008" Latest Data Shakes The Entire Housing Market To It's Core
· 05.05.2024 · 19:15:00 ··· Sonntag ⭐ 0 🎬 0
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. The latest data from the U.S. Census Bureau indicates a steep decline in new home sales, with median prices plummeting to $400,000—the lowest in over two and a half years, down 7.6% from last year. Remarkably, this represents a 20% decrease from the peak just 16 months ago, a decline rate that is double that of the 2008 crash at a comparable stage.
In the broader context, this trend is not just a statistic but a stark reality for the market, especially with mortgage rates hovering around 7%. Despite the significant price reductions, the cost of new homes remains high, impacting affordability for many Americans. This scenario is particularly notable as new construction homes, which account for about 15% of the market, are now almost on par with existing homes—a mere 4% premium, one of the lowest on record.
Moreover, the decline in new home prices overshadows the more moderate 7% decrease in existing home prices, which make up the majority of the housing market. This discrepancy highlights a potential shift in buyer preferences or financial constraints leading more consumers to consider older inventory, which is less affected by the current market volatility.
"This Will Be Worse Than 2008" Latest Data Shakes The Entire Housing Market To It's Core
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