Well, new home sales aren’t coming to the rescue for affordable housing.
July’s New Home Sales crashed and burned. At -32.26% YoY. This is happening as M2 Money growth has declined.
For the month of July, new home sales were down a staggering -`12.65%. However, the average price of new homes rose 19.57% from June. Median price of new home sales were also up 5.91% from June, a large surge.
The supply of new homes? The highest level since the housing collapse of 2008.