After a disappointing dump in existing home sales in June, latest home sales just confirmed the slowdown, dropping 0.6% MoM (notably below the three.4% MoM expected) and likewise saw a serious downward revision in May from -11.3% MoM to -14.9% MoM. That leaves latest home sales down 7.4% YoY…
Source: Bloomberg
That shift dragged the brand new home sales SAAR right down to 617k – mainly unchanged since 2016…
Source: Bloomberg
While the median latest home price rose in June, it stays below the median existing home price…
Source: Bloomberg
It appears the homebuilder subsidy fad is wearing off as mortgage rates show no signs of easing significantly…
Source: Bloomberg
In fact, none of this needs to be a surprise as homebuyer confidence has collapsed to an all-time record low…
Source: Bloomberg
Will cutting rates help?
Probably not. Bidenomics is now called Harrisnomics (or Cacklenomics) since Harris as VP was the tiereaker within the US Senate. So, she holds some responsibility for the outrageous, wasteful spending in Washington DC.
