WASHINGTON - Sales of new U.S. single-family homes unexpectedly fell in December, likely held down by a shortage of more affordable homes, but the housing market remains supported by lower mortgage rates.
November’s sales pace was revised down to 697,000 units from the previously reported 719,000 units. Sales last month were concentrated in the $200,000-$749,000 price range. New homes priced below $200,000, the most sought after, accounted for only 10% of sales. The housing market is being supported by cheaper mortgage rates after the Federal Reserve cut interest rates three times last year. The 30-year fixed mortgage rate has dropped to an average of 3.60% from its peak of 4.94% in November 2018, according to data from mortgage finance agency Freddie Mac.
Here we go recession
New Residential: Permit Construction For Sale Sold Trends source: US Census Bureau chart by:
Calm before the storm. We're still in a real estate bubble.
How are they impervious to supply and demand? The most sought after homes where less then 10% ofnthe market. How can they afford to build expensive houses with no buyers, while completely ignoring demand?
Of course it falls over the holidays
crash inc