Home sales are down a significant amount across the country from last year.
By region, year-over-year home sales plunged in all regions from the already beaten-down levels last year:
🚨🚨🚨 pic.twitter.com/HvLXxZHKWr— Wall Street Silver (@WallStreetSilv) September 23, 2023
The higher interest rates have decreased the amount of buyers in the market. That’s a big factor in why home sales have plunged by double digits.
Housing prices are also way too high. When boomers started entering the workforce, homes would typically cost around two times median income. Now homes can cost up to eight to ten times median income.
Median house price in California compared to median income from 1984 to 2023.
In 1984, the median house price in California was $115,000 and the median income was $29,000.
In other words, the median home in California was ~3.9x the median income.
Now, the median home in… pic.twitter.com/hFSKig5fWD
— The Kobeissi Letter (@KobeissiLetter) September 22, 2023
1970:
Median Home Price: $17,000
Median Income: $9,8702022:
Median Home Price: $440,000
Median Income: $61,937— Manpreet Singh (@preetkailon) September 23, 2023
This could be one of the worst times in American history to buy a home. If Jewish firms like Blackrock weren’t buying residential properties in bulk, we may have started to see the prices reset to more normal values. This has not happened yet. Home prices are still artificially high.
We also have the issue of out of control government spending and endless money creation from the Federal Reserve which has spawned horrible inflation that is further exacerbating the problem. It’s just a big mess.
