The current housing market has defied expectations of a downturn in real estate prices caused by this year’s surging mortgage rates. Instead, prices and demand have remained strong, confounding experts and stymying many first-time homebuyers. The reason? “Blame the boomers,” according to one Wall Street economist. It may seem paradoxical, acknowledged Barclays senior economist Jonathan […]
Tag: Housing Market
Only 25% of US Homes are affordable for typical buyer
Owning a home has long been seen as a pillar of the American dream. But a new report highlights just how far many Americans remain from achieving it. Middle-income households, or those with annual earnings of up to $75,000, can afford only 23% of the homes listed for sale in the U.S., according to recent […]
New home sales tumbled 12.6% in July
New home sales tumbled 12.6 percent in July, reporting a new record low after reaching their lowest level since April 2020 last month, according to data released on Tuesday by the Census Bureau. The numbers reveal that the housing market is “in a sorry state,” a Pantheon Macroeconomics expert told Newsweek. The economic research consultancy […]
Consumer Confidence Crashes as housing market decline begins
Sales of new single-family homes in the U.S. dropped by 8.1 percentage points in June according to Census Bureau’s data, plunging hopes that the housing market might avoid an imminent slowdown on the same day as new statistics reveal July’s consumer confidence also fell more than expected. New home sales had seen a modest increase […]