Amid plunging demand, the median sales price of new homes fell to $402,400 last month from $449,000 in May.
America has been in a classic bubble in terms of real estate. It has been artificially inflated by artificially low interest rates and easy credity (promoted by government - again.) During the pandemic it got even worse since a lot of people had to stay home and grew bored - so bought new homes assuming they could afford more house. Now those chickens are coming home to roost.
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