Home sales fall 4.9% in slow start to spring buying season

Home sales fall 4.9% in slow start to spring buying season

US home sales fell more than expected in March, pointing to continued weakness in the housing market. Existing home sales dropped 4.9 per cent to a seasonally adjusted annual rate of 5.21 million units last month. The Commerce Department reported last Friday that housing starts dropped to a rate of 1.139 million units in March, the lowest level since May 2017.

Simone
Simone
drakethesnake
drakethesnake 8 months

It cost 120 paychecks for the median wage in 1930 for a 5000sqr house with 5bed/bath. Today it's about 900-2500 depending on where you live. That's not including rent to save up for a down payment. That's not including food, gas, etc. Just a straight up paycheck. I'm actually tired of old people saying millennials are lazy and entitled. When their generations did almost nothing for their housing and rode a wave of handouts in the form of subsidized housing and land.

drakethesnake
drakethesnake 8 months

"The economy is doing great believe me" "we can't stop winning" "we are going to bring back the jobs"

Rage Against the Vagine
Rage Against the Vagine 8 months

I read an interesting piece about this awhile ago. it was equating some of the slump to younger buyers not wanting these elaborate gaudy houses from boomers selling to smaller accommodations. you can get a real good deal by waiting out these sellers.

Skinsfan92
Skinsfan92 8 months

Looks like it's due to a limited supply of cheaper homes and increasing labor costs for building new homes.

Russell Daggett
Russell Daggett 8 months

I've been in the market to buy my first home for a while now. The biggest thing keeping me from actually buying a home are the process in my area. I'm not looking to move into a huge house with a ton of land or anything, if just like a 2 bed, 1 bath home and no HOA, but everything in my area is 300k+ and requires 15% down to avoid paying mortgage insurance. I'm looking at moving 45 minutes north to be able to afford a place and not have to change jobs.

U WOT M8
U WOT M8 8 months

Maybe it’s because the younger generation refuse to live in HOA subdivisions full of big brother loving boomers.

8 months

I wonder how are those BTOs selling? Triple A investments? Let's see when the bubble bursts.

consistency
consistency 8 months

SO. MUCH. WINNING!!!!

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