After a disappointing dump in existing home sales in June, new home sales just confirmed the slowdown, dropping 0.6% MoM (notably below the 3.4% MoM expected) and also saw a major downward revision in May from -11.3% MoM to -14.9% MoM. That leaves new home sales down 7.4% YoY…
That shift dragged the new home sales SAAR down to 617k – basically unchanged since 2016…
While the median new home price rose in June, it remains below the median existing home price…
It appears the homebuilder subsidy fad is wearing off as mortgage rates show no signs of easing significantly…
Of course, none of this should be a surprise as homebuyer confidence has collapsed to an all-time record low…
Will cutting rates help?
Probably not. Bidenomics is now called Harrisnomics (or Cacklenomics) since Harris as VP was the tiereaker in the US Senate. So, she holds some responsibility for the outrageous, wasteful spending in Washington DC.
Confounded Interest - Anthony B. Sanders 
You must be logged in to post a comment.