Housing Crash Nears: New Home Sales Plunge to Lowest Since Covid Lockdowns

The housing crash gets closer every day in Biden’s America, and soon everyone who owns a home will lose at least a third of what their homes are worth.

The latest stat pointing to a major crash is plunging sales of new homes. New home sales are at their lowest point since the 2020 lockdowns. And it’s going to get worse.

Per Breitbart News

The Commerce Department revised down its estimate for prior months. The May sales figure was revised down from 696,000 to 642,000, indicating the market was already much more sluggish than previously thought. That means sales grew by 6.3 percent compared with the initial estimate of a gain of 10.7 percent.

New home sales data can be volatile, especially when interest rates are changing. They frequently get revised.

Economists had expected an annual sales rate of 676,000 for June, according to Econoday.

The June figure represents a 17.4 percent decline from a year ago.

The supply of new homes went up nearly 11 percent after several years of lagging because builders couldn’t get supplies. But now, with interest rates soaring along with prices, most new would be homeowners are being priced right out of the market.

This will eventually cause the market to crash. And BOY is it coming.

Thanks, Joe Biden.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston

Cross-posted with iPatriot


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Warner Todd Huston

Warner Todd Huston has been writing editorials and news since 2001 but started his writing career penning articles about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN, and several local Chicago News programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a "target rich environment" for political news.

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