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Home Sales Tumble As Prices Set Records: Here's Why Home Sales Tumble As Prices Set Records: Here's Why
Home Sales Tumble As Prices Set Records: Here's Why US home sales dropped more than expected in June as buyers pulled back amid record-high prices and mortgage rates that have stayed high. Sales of previously owned homes fell 2.7% in June to a seasonally adjusted annual rate of 3.93 million, according to the National Association of REALTORS. Analysts had predicted just a 0.7% drop, CNBC reported. The median sales price nationwide rose 2% from June 2024 to $435,300, setting a new record. The report reflects contracts likely signed in April and May, when the average 30-year mortgage rate hovered above 6.8% and briefly topped 7%, according to M…

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by Chris Spiker
Real Estate
Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers
Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers Homebuilder confidence just sank to its third-lowest level since 2012 as President Donald Trump's sweeping tariffs and stubbornly high mortgage rates scare off prospective homebuyers. Builder sentiment dropped two points to 32 in June, according to the National Association of Home Builders/Wells Fargo Housing Market Index released on Thursday, June 17. That's barely above the readings of 31 in December 2022 and 30 in April 2020. In the Northeast, sentiment slipped one point to 43 on a three-month moving average. A score above 50 means more builders see conditions as good than poor…

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by Chris Spiker
Real Estate
Trump's Tariffs Could Increase New Home Prices Up To $10K, Builders Warn: Here's Why Trump's Tariffs Could Increase New Home Prices Up To $10K, Builders Warn: Here's Why
Trump's Tariffs Could Increase New Home Prices Up To $10K, Builders Warn: Here's Why New home prices could jump by as much as $10,000 because of President Donald Trump's tariffs, industry leaders warn. The National Association of Home Builders (NAHB) estimates that Trump's tariffs could increase prices by $7,500 to $10,000 per new single-family home. The trade group said the estimate is based on reports from members planning for tariff-related price hikes. Trump imposed a 25 percent tariff on Canadian and Mexican goods on Monday, Mar. 4, as well as 20 percent duties on Chinese imports. Two days later, he announced the tariffs would be paused for products covered by the…

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by Chris Spiker