New-home sales plunge 8.9% in October (mortgage rates, budget, buying, housing)

[the tiger]

This is something.
https://www.foxbusiness.com/economy/...8-9-in-october

[Japanfan1986]

Originally Posted by the tiger

This is something.
https://www.foxbusiness.com/economy/...8-9-in-october

Any chance this leads to a fall in prices? Things are getting ridiculous here in Massachusetts. I’m aiming to buy a house in 2020 or 2021 dependent on my ability to save and budget.

[mathjak107]

it is highly localized . holy cow , we were down at the villages in florida 3 weks ago .

there were long waits to take the tours at the models . people are buying homes like crazy

[flamadiddle]

We've become too used to ~3% mortgage rates. Now that they're pushing 5%, people are questioning buying even though 5% is historically low. Will take some time for mindsets to adjust, imo.

[mathjak107]

up in westchester where my son just sold the market is insane . people are in the we better buy now before we can afford even less house mentality .

my son sold in two days with a bidding war starting the 1st day it listed .

he in turn scrambled and bought another house first day it listed .

there is just a lack of quality supply left and not much in new home building going on .

[CGab]

No plunge here, new homes are selling FAST and there's a shortage of existing homes for sale so those are selling fast as well! The housing market typically slows in the fall, but I don't see that too much where I'm at in the Chicagoland area.

[wildflowers27]

I read this last week, citing US Census data: "Only 10.1% of adults moved homes from August 2017 to August 2018. This is the lowest rate of moving since the government began collecting data in 1948."


https://qz.com/1480835/the-share-of-...-a-record-low/

[mathjak107]

it is also a time when you have more boomers no longer up grading like they did when they were raising families .

at one time the average home stay was 5 years , then it jumped to 9 years and today it is going higher

[City Guy997S]

Originally Posted by mathjak107

it is highly localized . holy cow , we were down at the villages in florida 3 weks ago .

there were long waits to take the tours at the models . people are buying homes like crazy

That is Flariduh every winter! People are rushing to retire somewhere warm.

What was your opinion of the Villages? I know 2 people that recently moved there.

Did you read about the "sex stuff" going on there? Seemed crazy!
https://nypost.com/2009/01/25/retire-to-the-bedroom/

[mathjak107]

the sex stuff was very over hyped . it is a small city and it has no more of it's sins going on then anywhere else .