Biden’s Administration Blamed for Largest House Sales Decline in Over a Decade

Joe “Big Guy” Biden’s administration is being held responsible for a significant decline in US housing sales, reaching their lowest point in over a decade, with only 1% of homes being sold this year.

Worse Than 2019

According to a report by real estate company RedFin, the current home sales figures under Biden’s administration are showing a decline when compared to the pre-pandemic figures of 2019, as reported by the Daily Mail.

Only 14 out of 1,000 homes nationwide were sold in the first half of 2023, compared to 19 out of 1,000 homes during the same period in 2019, as revealed by RedFin’s analysis. This decline is particularly notable among families living in large suburban houses, as the housing market experiences a widespread cooling trend in light of increasing mortgage rates.

The report highlights that current homebuyers have to pay almost $1,000 more in monthly mortgage payments compared to two years ago, due to interest rates hovering around 7%. Consequently, households are finding themselves locked into their current properties, as the availability of cheap deals decreases.

House sales plummet to their lowest level in over a DECADE as families in large suburban homes cling to cheap mortgage deals – with just 1% of US properties changing hands in 2023 https://t.co/iTmRQ5k4zd

— American Pugnator (@Mar974988) July 21, 2023

‘Uphill Battle’

The Mail further emphasizes the rise of “accidental landlords” – homeowners who have chosen to rent out their homes instead of selling them, due to the current market conditions.

RedFin’s data shows that home prices in the United States are still 40% higher than before the pandemic, as a shortage of available housing continues to drive up property costs.

Taylor Marr, the deputy chief economist at RedFin, describes the sharp increase in mortgage rates as an “uphill battle” for individuals seeking to purchase a home. The high mortgage payments have resulted in a decrease in available inventory and a rise in home prices when they do become available.

Considering all of the Biden administration’s policies, it is not surprising to see this trend. However, with 1.5 years left in Biden’s presidency, it remains to be seen how much worse the situation could become.

House sales plummet to their lowest level in over a DECADE as families in large suburban homes cling to cheap mortgage deals – with just 1% of US properties changing hands in 2023
via https://t.co/ukePCFr1gS https://t.co/5zzrK8gS9Q

— MSM is Pravda (@RitchieJodi) July 21, 2023