US new home sales rose a whopping 14% in September as the median price of new home sales rose 20.1%.
Existing home sales still remain low allowing median prices to soar with Fed money printing.
New home sales surged as The Fed turns a blind eye to out-of-control inflation in prices.
Thanks to The Fed, new homes under $150,000 have disappeared and new homes over $500,000 have grown to 31% of all new homes. Where have all the starter homes gone?
Between Fed stimulypto and massive over-spending by Congress and the Biden Administration, the economic system is clogged like an interstate toilet, driving construction prices soaring.
Apparently Fed Chair Jerome Powell and Treasury Secretary Janet Yellen have never experienced clogged plumbing in their homes. And President Joe Biden has probably forgotten.
I can’t wait to hear if Biden’s press secretary Jen Psnarki attempts to put a positive spin on this debacle.