JoeBamanomics, New Home Sales ‘Unexpectedly’ Drop in April, March Results Revised Sharply Lower – The Last Refuge

“The rapid increases in the price of food and gasoline are hitting the middle-class hard. This will have a downstream effect on more luxury items and durable goods. Spend more on food/gas and you might not be able to purchase that new table you wanted. Durable good inventories increase and layoffs in those sectors begin.It will be very interesting to watch how the housing market responds over the next few months. If the trendline continues we should see a considerable softening in home sales, again depending on region, as the inflation hits the working class” (link))

we get the first set of housing data to accompany the inflation forecast: “New home sales dropped 5.9% to a seasonally adjusted annual rate of 863,000 units last month, the Commerce Department said on Tuesday. March’s sales pace was revised lower to 917,000 units from the previously reported 1.021 million units. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, at a rate of 970,000 units in April.”

Read Here: JoeBamanomics, New Home Sales ‘Unexpectedly’ Drop in April, March Results Revised Sharply Lower – The Last Refuge

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