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Sales of newly built homes plunged to their lowest level in June 2021, data from the U.S. Census Bureau (USCB) revealed. A July 26 statement by the USCB said new home sales dropped to 676,000 in that month. This was the lowest number of home sales recorded by the USCB since the beginning of the Wuhan coronavirus (COVID-19) pandemic in March 2020.
Analysts were expecting a 3.4 percent increase in new home sales in June 2021. But the July 26 USCB statement, drafted in partnership with the Department of Housing and Urban Development, shattered their projections. The 676,000 home sales in June 2021 reflected a 6.6 percent drop from May 2021’s 724,000 sales and a 19.4 percent drop from the 839,000 sales in June 2020.
Meanwhile, the inventory of new homes for sale climbed from a 5.5-month supply in May 2021 to a 6.3-month supply the following month. It sat at a low of 3.5 months last fall. The USCB report also revealed that the number of homes for sale that had not yet started construction also rose in June. All in all, these increases followed a year of frenzied buying and price gains in the double digits.
But in spite of the availability of new homes to address the demand, these became out of reach for most Americans. The median price of a newly-built home went up by 6 percent in June 2021 from its June 2020 price. Most purchases of new homes came from the higher end of the market, and builders claimed rising prices of construction materials prevent them from putting up affordable homes.
Bleakley Advisory Group Chief Investment Officer Peter Boockvar noted: “We also know there are shortages of appliances, labor and affordable lots. The moderation in home sales is likely a combination of sticker shock and the slowdown in the ability of builders to finish homes because of a variety of delays.”
An increase in mortgage rates amounting to about 0.25 percent also hit new home buyers in June. While the rise may not be substantial, it nevertheless worsened the situation for those wanting to buy a new house. Buyers already stretched by higher home prices would have less of a financial cushion to absorb higher mortgage rates.
New home buyers are in for a tough time
Buyers still exhibited strong demand for new homes, but supply issues and affordability have had a negative impact on this. Even homebuilders themselves have noticed the weakening sentiment in May and June 2021. Housing industry analyst Ivy Zelman noted: “We are shifting our tone on the housing market based on our analysis of proprietary data showing early signs of a cool down.” (Related: Housing market recovery: Pending home sales rose in May.)
A Reuters report also expressed the same sentiment. It noted that higher production costs are forcing builders to hold back new construction. This had the unfortunate consequence of keeping supply tight and home prices in the upper levels, essentially locking out new buyers from purchasing their own homes. (Reated: Pension funds are buying up entire neighborhoods of single family homes, contributing to America’s housing crisis.)
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The price of softwood lumber used in home construction had a three-fold increase during the pandemic. While softwood lumber prices have dramatically fallen in June 2021, it was still 75 percent more expensive than its 2019 average price. The same trend was also observed in other lumber products.
However, wildfires in the U.S. and Canada threatened to push up lumber prices. Oxford Economics Lead U.S. Economist Nancy Vanden Houten told Reuters: “Some of the recent decline in lumber prices has been reversed due to the impact of wildfires. It will probably take months for lower lumber prices to flow through to the price of new homes.”
David Berson, chief economist at Ohio-based firm Nationwide, also put in his two cents on the matter. He said: “Home builders continue to hold back on contracts for new homes given input cost and availability uncertainties, with significant uncertainty about what it will cost to build a house and when it can be delivered. Berson noted that new home sales will find it hard to pick up significantly in the near term until builder costs and supply chain problems are addressed.
DebtCollapse.com has more articles about the latest activity in the housing market.
American Patriots Uniting to Fight Tyranny from, Well, Everywhere
We’re building a new conservative news network. Based on responses from fellow patriots, we’re heading in the right direction.
It may be hard to believe based on what we’re seeing around the nation today, but there are many reasons to be hopeful. First and foremost, the false narrative that most of America hates traditional values or the foundations of our nation are finally being proven false. Despite the best efforts of globalists and Neo-Marxists, patriotic Americans are starting to unify in droves. Meanwhile, Joe Biden can barely muster a half-filled auditorium to deliver his message to the scant few watching CNN and the paid shills in the “crowd.”
The “silent majority” that drove Donald Trump to victory in 2016 and 2020 (yes, he won by a landslide but was robbed along with the American people) is finally starting to realize we cannot stay silent any longer. We used to win with our votes, but those are being stolen. We used to win with truth, but the radical left and their agents in mainstream media, Big Tech, and academia are building a post-truth society to drown out reality. Today, we are waking up to the realization that only through direct action and fearlessly spreading the truth can we overcome the nefarious forces working against us.
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We are proud to be working our way up to the tip of the conservative media spear. Our network is growing. We’re establishing strong partnerships with like-minded news outlets and courageous journalists. Even as Big Tech suppresses us, the honest messages they’re trying to quash are finding their way to the eyes and ears of patriots across the nation. With the help of new content partners like The Epoch Times and The Liberty Daily, we’re starting to see a real impact.
Our network is currently comprised of nine sites:
- NOQ Report
- Conservative Playlist
- Truth. Based. Media.
- Freedom First Network
- Based Underground
- Uncanceled News
- American Conservative Movement
- Conservative Playbook
- Our Gold Guy
Some of our content is spread across all of these sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $2200-$7800 per month. May, 2021, for example, was amazing and we almost broke even. June, revenue was sluggish at best and we had to make up a big difference out of our pockets. But we’re not just trying to get out of the red. If and when we start getting enough contributions to expand, we will do just that. Very few get into journalism to try to get rich and we’re definitely not among those who do. Our success is driven by spreading the truth, profitable or not.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Time is short. As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
The economic downturn has forced me to make a plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our new GiveSendGo. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
We currently operate:
- NOQ Report
- Conservative Playlist
- Uncanceled News
- Based Underground
- Truth Based Media
- Five other conservative news sites
I would even be willing to entertain investments and partnerships at this stage. I’ve turned them down in the past because editorial purity is extremely important. I’ll turn them down again if anyone wants us to start supporting RINOs or avoid “taboo” topics like voter fraud, vaccines, or transgender supremacy. But I’d talk to fellow America First patriots who want to help any (or all) of our 10 news sites. Hit me up at jdrucker (at) substack (dot) com if you’re interested.
For those who have the means and just want to help keep the mission of spreading a conservative, Christian message to the nation, please consider a generous donation.