Housing Market Correction

New Home Prices Drop Sharply as Sales Hit a Wall

The Census Bureau reported new home sales for June at a seasonally adjusted annual rate of 590,000 units. This was below expectations. The three previous months were revised lower as well. New home sales in June were 8.1 percent lower than May and 17.4 percent lower than the same time last year. The median price of a new home dropped to $402,400. The average sales price posted at $456,800. Those were the lowest prices for 2022. Average new home prices just crashed 19.8 percent ($112,500) from the April blow-off top this year according to Census [...]

Reckoning Awaits For Inflated North Texas Real Estate Market

The reckoning awaits for the hyper-financialized north Texas real estate market.  It may take a few months for reality to sink in, but the writing is on the wall regardless of the efforts of housing industry pundits and professional economists to downplay the damage. The hopes of a v-shaped recovery are vanishing faster than the toilet paper on the shelves of your local grocery store. Many of the supposed experts, like the PhD economists employed at the Texas Real Estate Center at A&M, have turned a blind eye to the artificial inflation in Texas real [...]

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