July 1, 2022

New home sells drop as recession fears grow

New home sales dropped more than 16% last month as increased interest rates decreased the option for homeownership for families.

Interest rates have increased to 5.25% from 3.1% to start the year, according to the Wall Street Journal.

“The entry-level consumer, which is the largest buyer group, is moving to the sidelines,” Margaret Whelan, chief executive of Whelan Advisory, said.

The increased interest rates are in addition to new home prices increasing by more than 18% since a year ago, according to the report.

The median home price nationwide is now $375,000 as of March, leading to concerns, especially for first-time buyers, who see no options for purchasing a home.

The surge in home prices is also in addition to increased inflation across the board on other products and services, with American families feeling the sting the most. The nation’s record gas prices also don’t help, leaving a high-price combination making homeownership an impossibility for a record number of people.

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