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New home sales have now fallen to their slowest pace in a year. The street was expecting a 0.5% drop in sales but it was actually much worse than that. This is because the US Census Bureau announced that new home sales dropped 5.9% in May compared to the previous month.
In addition, I noticed that new housing inventory has increased for SEVEN straight months per the Census Bureau’s most recent report. This could be from a number of different factors: 1) A decrease of homebuyer demand and/or 2) an increase of housing units authorized but not yet started (which is counted by the Census Bureau as a “home for sale”).
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr FRM decreased to 3.20% today for the current mortgage rates. This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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