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New Home Sales Plummet: Big Wake Up Call or a Logical Shift?

New Home Sales Plummet: Big Wake Up Call or a Logical Shift?

The housing market has been keeping its head down, keeping calm, and carrying on in the face of the biggest rate spike since the 1980s.  The ability to ignore higher interest rates is nothing new for home sales.  In fact, sometimes we see almost no reaction in sales numbers when rates rise.   The following chart shows several of the biggest rate spikes of the past decade (and yes, they do look small in comparison to 2022).  While there is perhaps some small impact on new home sales, it's minimal at best.  Perhaps home price stability had something to do with that, or perhaps those rate spikes weren't big enough to have a major impact in their respective home price environments.  Perhaps sales were simply still experiencing a rebound effect from the housing crisis. Whatever it
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