US Home Prices Set Record New High

Link 1: citygator, you need to learn how to read a graph. In Q1 2017, Trump had 63.6%. By Q2 2020, Trump had a peak at 67.9%. By Q4 2020 during covid, the rate came down to 65.8%.

In Q1 2021, Biden had 65.6%. On 3 occasions, the rate peaked at 66.0%. In Q1 2024, Biden has 65.6%. There has been no net change in 3 years under Biden.

Please do update this graph for Q2 2024 when it is released.

Link 2: Great, those of us who are and have been living the American dream of homeownership have high equity. Don't get me wrong, I enjoy putting an inflated number on my balance sheet, for now. However, your thinking is exactly what is wrong with lefty Biden supporters. It's okay for the American dream of home ownership to be denied to others less fortunate than we as a result of Dictator Biden running the country into the ground.

Housing bubbles come and go. For young people who voted for Biden in 2020, the bubble will have to eventually burst. If these young people want to enjoy the American dream, they will have to vote the dictator out while holding their nose voting for Orange Man Bad/Mr. Mean Tweets.

In addition to young people wanting to enter the market, middle class Americans who want to trade up are feeling the pinch from the high prices and higher interest rates than they are accustomed to in their lifetimes.

People bothered by interest rates are snowflake-ish to me as my first home purchase had a 15% adjustable-rate mortgage because the fixed rate was 18%. Within a couple of years, I was able to refinance at 8%, still higher than today's 5+% and 6+% mortgage rates.

 

That's an edited and incorrect Democratic Party, propaganda. Those homeownership rates were achieved by Trump BEFORE we found out about covid in late February of 2020. Your assertion that Biden had higher homeownership than Trump is wrong. Again, you need to read the graph you posted which is accurate but doesn't yield the result you were looking for.

 

This is the average price of all houses sold, preowned and new:

Average Sales Price of Houses Sold for the United States (ASPUS) | FRED | St. Louis Fed (stlouisfed.org)

It isn't that prices have gone up under other presidents, it's how extreme they have gone up under Biden and in less time on the job:

Trump:

Q1 2017 $374,800
Q4 2020 $396,900
Difference: +5.90%

Biden:

Q1 2021 $417,400
Q1 2024 $513,100
Difference: +22.93%

The latest news in the 2 months after Q1 2024 is housing prices have gone on the establish new all-time highs. That will be reflected with this graph after Q2 2024 numbers are in. Housing prices are up, up, and away with no improvement in sight under Biden.

 

I get it, but citygator is still wrong.

Trump inherited 63.7% from Obama and raised homeownership through Q1 2020 to 65.3%, +1.60%. Won't count the peaks in after Q1 2020 through the end of the year because of covid money.

Biden posted 65.6% in Q1 2021, peaked at 66.0% 3 times, and is 65.6% in Q1 2024, no gain.

Trump posted improving numbers pre covid while Biden has had no success improving homeownership numbers. It'll be interesting to see his number after Q2 2024 with housing exploding to new all-time highs on his watch. Do you really think the number isn't going down?

 

My home is free and clear, have no debt, and am considered to be a millionaire although I don't feel like one. If it is in the best interest in the country to burst the housing price bubble, so be it.

I'd prefer interest rates to go back down to zero to make housing more affordable, but we know that is not going to happen again in our lifetimes.

Either way, no sweat off my brow.

What do you want home prices to do?

 

See post #70.

 

Picky, picky, picky while ignoring Trump posted positive numbers while Biden has flatlined. Okay, Biden started with better numbers than Trump, so he has ever so slightly a higher number to date.