New home prices in the US plummet by 18 percent

Priserna på nya bostäder har precis kraschat med det största beloppet någonsin, ned 18 procent under det senaste året. Enligt Reventure är detta den största årliga nedgången tillbaka till 1965. Även under den värsta månaden av finanskrisen 2008 var den största nedgången 15 procent.

New home prices have just crashed by the largest amount ever, down 18% in the last year. According to Reventure, this is the largest annual decline dating back to 1965. Even in the worst month of the 2008 financial crisis, the largest drop was 15%.

The worst part? New home prices are still up ~24% from pre-pandemic levels. With mortgage demand at its lowest since 1994 and affordability at an all-time low, builders are in trouble. The average sales price of a new home has fallen by almost $90,000 since last year. How can this end well?

Source The Kobeissi Letter

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