4 months ago • 1:38 min
If you’ve perused home listings in the last couple of years, you’ll have noticed how much more expensive bricks and mortar seem to have become. You’re not imagining it: data from the Federal Reserve proves that the average price of a US home rocketed 40% from April 2020 to April this year (orange line).
But while the Fed hasn’t released the data on how the market has performed since then, it has released the data on new homes. And that part of the market seems to be losing steam fast: the average price of a new home dropped by the most since records began in 1975, collapsing 20% in April and May. Prices didn’t even fall this quickly during the global financial crisis, when they took almost two years – from March 2007 to January 2009 – to slide 25%.
This collapse is probably down to the
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