Home Sales Hit An All Time Low As Prices Continue To Rise
Zoomers are just praying for another 2008 recession to just destroy the economy so that Boomers can’t sell their houses at “market value” anymore and they can finally afford a home in their lives.
The housing crisis is only getting worse as sales are falling while the average price of a home keeps rising every year.
Sales of previously owned homes were 4.1% lower in October compared with September, running at a seasonally adjusted annualized rate of 3.79 million units, according to the National Association of Realtors.
It was the slowest sales pace since August 2010. Analysts were expecting a smaller drop, to 3.9 million units. Sales were down 14.6% year over year.
The October sales count is based on closings from contracts likely signed in August and September. The average rate on the 30-year fixed mortgage had dropped to near 7% at the end of August, but then began rising sharply, jumping over 8% by mid-October. Rates have since retreated somewhat.
“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said Lawrence Yun, NAR’s chief economist. “Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”
The Zoomers will never buy a house meme is a reality now. Young people can’t afford to build new houses since they already can’t afford the ones that are around. Meanwhile, they live in cupboard living spaces as migrants get two-story apartments for free.
Until we either create real mass housing and not this Section 8 crap or a recession comes, housing is only going to get worse.
