New Home Sales Plummet

 

 

New Home Sales Plummet

 

New Home Sales Plummet: Big Wake Up Call or a Logical Shift? Just last month, New Home Sales were still at 763k, a level not seen between the housing crisis and the pandemic. Now in today's new numbers from the Census Bureau, New Home Sales have plummeted to the lows seen only a few times in the 3 years leading up to the pandemic. After April's sales slump, inventory levels are the highest in years. All that to say the housing market hasn't exactly turned on a dime to the extent suggested by today's New Home Sales data. Yes, sales are declining, but that's a logical consequence of the affordability issues created by an unprecedented simultaneous surge in prices and rates.