The Biden economy has entered a housing recession, with the sales of previously owned homes dropping nearly six percent from June to July–a nearly 20 percent drop from the previous year– and home prices remaining “stubbornly high,” according to the National Association of Realtors and reported by CNBC.
Democrats fueled inflation and bungled the economy. Now home sales are slowing too.
- Democrats’ fueled a Homebuyer Price Hike.
- Despite lagging home sales, housing prices remain unaffordably high. In July, the median price of a home was $403,800 – an increase of 10.8 percent from July 2020.
- Surging mortgage rates due to the White House’s inflation denial have made housing historically unaffordable.
Democrats’ Home Buyer Price Hike makes affording a home out of reach for many Americans as increased rents burden families trying to save.
- “First-time buyers represented just 29 percent of buyers in July. Historically they usually make up about 40 percent of sales, but they are clearly struggling the most with affordability. High rents are also making it harder for them to save for a down payment.”
- These increases are hitting the homes on the lower end of the price scale hardest, meaning working families are the ones struggling the most.
There are too many dollars chasing too few homes as housing inflation rages at five times the pre-Biden national average.
- “‘In terms of economic impact we are surely in a housing recession because builders are not building,’ said Lawrence Yun, chief economist for the Realtors.”
- The average home price has gone up $100,000 since President Biden took office.