(TheProudRepublic.com) – Exposing the devastating impact of Bidenomics policies on hardworking families, new data from the National Association of Realtors revealed a shocking 4.9% drop in existing home sales.
Sales of previously owned homes plummeted to a seasonally adjusted annual rate of just 4.08 million units in January, a stark 4.9% decline from December.
This alarming trend is leaving countless Americans locked out of the housing market and struggling to achieve the cornerstone of the American Dream.
Adding insult to injury, the median home price in January skyrocketed to $396,900, a 4.8% increase from the previous year and the highest ever recorded for January.
This unprecedented surge in prices is pushing homeownership further out of reach for millions of hardworking Americans, particularly first-time buyers who now account for only 28% of sales, well below the historical average of 40%.
At the same time, the root cause of this housing crisis is basically no further than the failed economic policies of the Biden administration.
Despite multiple rounds of interest rate cuts by the Federal Reserve, mortgage rates remain stubbornly high, hovering around 7%.
This financial burden and skyrocketing home prices have created a perfect storm of unaffordability for American families.
Furthermore, the impact of these disastrous policies is felt across the board. Homes are now languishing on the market for an average of 41 days, the longest since January 2020.
This stagnation clearly indicates the market’s dysfunction under the current administration.
Meanwhile, the supply of homes remains critically low at just 3.5 months, far below the 6-month supply considered balanced, further exacerbating the crisis.
Sales of homes over $1 million surged by nearly 27% year over year, highlighting the growing divide between the haves and have-nots in Biden’s America.
The upcoming spring selling season looks bleak, with economists predicting continued struggles in the housing market.
This ongoing crisis demands immediate action to protect the American Dream of homeownership.
It is clear that a return to conservative economic principles and pro-growth policies is desperately needed to reverse this alarming trend and restore hope for millions of aspiring homeowners across the nation.
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