Saturday, July 12, 2025

Latest

New Home Sales in the US Suffer Biggest Drop Since 2013

With unemployment numbers in the millions due to economic lockdowns across the entire country and stay-at-home orders imposed as a measure to mitigate the spread of the coronavirus, many Americans have seen a sudden decline in their income. As a result, new home sales have plummeted across the US.

Prior to the implementation of lockdown measures, the housing market was on a positive path from the help of low mortgage rates. However, that has now changed, and the sale of new single family homes have dropped by 15.4% in March, which has thus far been the largest decline since July 2013. The new rate is the result of a drop from 741,000 units sold in February to only 627,000 units sold for the month of March.

Although the US government has introduced macroeconomic measures to mitigate an economic recession via near-zero interest rates and stimulus checks to the working class, it is still not enough to upkeep the housing market. Nonetheless, the demand for new and previously-owned homes has declined, and as as result economists are predicting home values to drop in 2020.

The new homes that did get sold in March were in price range of $200,000 and $749,000, meanwhile homes below $200,000 were the most in demand, accounting for 10% of the sales. Meanwhile, the number of homes on the market available for purchase have increased by 9,000 – up from 324,000 units in February.

Information for this briefing was found via Reuters and Commerce Department. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

Europe Exceeds Record Daily COVID-19 Case Count As 100,000 Infections Reported For First Time

When the pandemic began to spread from its epicentre in Wuhan, it first made its...

Saturday, October 10, 2020, 03:45:00 PM

Relay Medical Forms Joint Venture To Provide COVID-19 Pandemic Response Tech

Relay Medical Corp (CSE: RELA) has formed a joint venture with that of Fio Corp...

Wednesday, August 19, 2020, 08:12:02 AM

Bond Junkies: Federal Reserve to Start Buying High Yield Corporate Bonds

In the duration of a month, over 16 million of unemployed Americans have been desperately...

Saturday, April 11, 2020, 12:43:29 PM

New Brunswick Judge Faces Scrutiny Over Apartment Building Ownership

New Brunswick Court of King’s Bench Justice Kathryn Gregory, who presided over a recent case...

Wednesday, October 25, 2023, 03:47:00 PM

Romspen Stops Redemptions Altogether As Liquidity Problems Mount

Canadian real estate firm Romspen Investment Corp. has frozen redemptions on its largest fund after...

Thursday, November 10, 2022, 10:26:15 AM