New home sales plummets, raising fears of a recession

According to the Wall Street Journal (WSJ), interest rates have risen to 5.25% this week, up from 3.1% at the start of the year.

New house sales declined 16.6% in the latest month as rising interest rates make home ownership more difficult for many families.

The decline in new house sales this month is the largest in a single month since 2013, as per the outlet.

Margaret Whelan, CEO of Whelan Advisory, told the Wall Street Journal, “The largest purchase category, the entry-level consumer, is shifting to the sidelines.”

According to the WSJ, the S&P CoreLogic Case-Shiller National Home Price Index, a measure of gauging average home prices in major metropolitan regions, home prices jumped 18.8% last year.

The Wall Street Journal reported, that the National Association of Realtors reported that fewer people are buying homes for the first time this year, down from 33% the year before.

Despite the Fed raising interest rates, home values continue to grow. According to Reuters, a February poll of 33 property analysts predicted that housing prices in the United States would rise 10.3% this year. The median price of a home increased to $375,000 in March of this year.

In March, property prices in the United States reached a record high of $375,000, the highest level in 15 years.

Home values set a new high across the country as a result of the combination of ultra-low loan rates in 2020, restricted housing availability, and a surge in home sales during the COVID-19 lockdowns.

12 Responses

  1. What did you expect to happen when you have Democrats and Moran Biden in control????????????????

    1. That man belongs in a nursing home with locked doors, that’s where they put dementia people that are dangerous. It’s just ridiculous that he wants this Country ruined because he’s old and live much longer so he doesn’t care.

  2. Its part of the reset one world order plan…we will own nothing and be happy! The left Destroying AMERICA!!! They all need to be fired emediately!

  3. It is outrageous that the prices on homes are so high! Houses that sold for under $100,000 five years ago are now well over $400,000, and they are by no means palaces! Just your average home. This is due to biden’s Idiocy!

  4. Same thing happened when obummer took office! The bottom fell out of the housing market, people lost their homes due to high mortgage rates and second rate mortgages! Wake up folks, rents have increased across the board! My family member’s rent increased $ 500.00 a month last month. Ridiculous! Plus the prices of gas, food, vehicles and utilities are off the charts! Get the doofus in Chief out of our White House!

    1. 100% agreement with you. It’s just ridiculous. I had to move in with my daughter because I couldn’t afford to live an apartment complex for elderly people on Social Security. Now that’s disgusting.

  5. The Biden admin cannot do anything right or anything that will help the American people. Just hand out our monies to illegal immigrants and stupid frivolous projects. When will we get rid of this moron and his goons?

  6. I am breaking my word!! Can not keep my mouth shut.; I do not care if people wish to believe in God or not. But fact is even one of the last buffalo shooter!! did not believe in GOD. But he mentioned the BIBLE is the greatest book for humans and beasts to live together in some sort of moral sanity… ME ! I believe there is some COSMIC force aliens marshins. Or cosmic fery. Very strange history runs along side of the BIBLE. God no God still the greatest word ever written. If any of the rest is on fact ????? We are going to hell in a hand basket. The fact we have not took care of this world. Who or what ever is in charge , no matter what the dems and all their IMPS ,fallen aliens think !!! The PIPPER is calling in the RATS!!!!!!!!!!!!!!!!

  7. Again you all think that one man is in control of all the idiocy happening today. From covid to houses. IT’S THE GLOBALISTS! THE NEW WORLD ORDER CARTEL! NATO, WHO, (that’s the acronym for the World HEALTH Organization) , the NIH (National Institute of HEALTH), etc. Biden is just a puppet. VOTE! For those who have the cahoots to stand up to them

  8. Again you all think that one man is in control of all the idiocy happening today. From covid to houses. IT’S THE GLOBALISTS! THE NEW WORLD ORDER CARTEL! NATO, WHO, (that’s the acronym for the World HEALTH Organization) , the NIH (National Institute of HEALTH), etc. Biden is just a puppet. VOTE! For those who have the cahones to stand up to them

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