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    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Crypto companies are increasing spending on sports sponsorships

    Crypto companies are increasing spending on sports sponsorships

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

    McDonald’s reopens restaurants in Ukraine after six months

    McDonald’s reopens restaurants in Ukraine after six months

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC downgrades oil demand outlook for the remainder of 2022

    OPEC downgrades oil demand outlook for the remainder of 2022

    Bank of England raises interest rates to 1.75%

    Bank of England raises interest rates to 1.75%

    How Pelosi’s trip to Taiwan could impact global markets?

    How Pelosi’s trip to Taiwan could impact global markets?

    Platinum and palladium drop in price on global slowdown

    Platinum and palladium drop in price on global slowdown

  • Markets
    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Saxo Bank: UK is becoming an emerging market

    Saxo Bank: UK is becoming an emerging market

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    OPEC+ raises oil production target by 100,000 barrels per day

    OPEC+ raises oil production target by 100,000 barrels per day

    G7 proposes to block Russian oil transit

    G7 proposes to block Russian oil transit

    S&P 500: Top 4 sectors to invest in 2022

    S&P 500: Top 4 sectors to invest in 2022

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    Janet Yellen: “We are not seeing a recession at this time”

    Inflation in the eurozone was 8.9% in July

    Inflation in the eurozone was 8.9% in July

    U.S. consumer spending rises more than expected

    U.S. consumer spending rises more than expected

  • Investing
    General Motors stock suffers due to supply problems

    General Motors stock suffers due to supply problems

    Callaway cuts earnings even on record revenues: good entry point

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    S&P 500: Top 4 sectors to invest in 2022

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    The price of coal is soaring: By investing in this company, you can benefit from the rise

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  • Technology
    Electric cruise ships: a business niche about to set sail

    Electric cruise ships: a business niche about to set sail

    Qualcomm and GlobalFoundries to double semiconductor production

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    Blockchain emerging as an alternative to SWIFT

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    Wages in the metaverse will be 50% higher, says study

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    $100 billion in revenue for China’s telecommunications industry

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    Crypto companies are increasing spending on sports sponsorships

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    Cryptocurrency market: How to segment it?

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    UK court finds Craig Wright’s claims “false”

    UK court finds Craig Wright’s claims “false”

    Security flaw allowed hackers to steal nearly $200 million from Nomad

    Security flaw allowed hackers to steal nearly $200 million from Nomad

    Solana opens an exclusive store in New York

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    Bitcoin developer wants currency to have “infinite supply”

    Bitcoin developer wants currency to have “infinite supply”

    Titanium Blockchain CEO Pleads Guilty to Fraud

    Titanium Blockchain CEO Pleads Guilty to Fraud

INVESTOR TIMES
Home Markets

U.S. new home sales fall to their lowest level in two years.

The decline is 8.1%. Rising mortgage rates and inflation are the main factors behind the decline

Eric Nesich by Eric Nesich
7/26/2022 - 11:44
in Markets
Reading Time: 1 min read
Share on FacebookShare on TwitterShare on LinkedIn
  • Inflation and rising rates are impacting the real estate market.
  • This drop is the largest since April 2020.
  • Home prices rose 7.4% in June.

Demand for housing is slowing in the United States. Home sales have fallen to their lowest level in two years, driven by rising mortgage rates and higher prices.

New home sales have declined to the lowest levels since April 2020, falling 8.1% the Commerce Department reported today. May sales are down from 696,000 to 642,000 units.

The reported number has exceeded analyst estimates that expected a drop to approximately a 660,000 unit rate. Sales have been declining in May with a 17.4% drop. The highest units reached was 993,000 in January 2021, which represented a record since 2006.

The average 30-year fixed mortgage contract rate is 5.54%. That rate rose more than 200 points since January on the back of rising inflation and the Fed’s tightening monetary policies.

This week the Fed will raise the policy rate again by another 75 points. This will also increase mortgage rates by 225 basis points. The housing market has historically been sensitive to interest rate increases. Pre-owned housing starts fell for the fifth consecutive month in June and building permits have also declined sharply recently.

Nonetheless, the reduction in demand could put some downward pressure on prices. This would help align housing supply and demand. New home prices rose 7.4% year-on-year in June to $402,400. Meanwhile, homes under construction accounted for 67% of the inventory and homes to be built indicated 24.1%.

Continuing at this level reached in June, it will take 9.3 months to clear the supply of homes on the market, up from 8.4 months in May.

Tags: housing pricereal estate marketUnited States

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