Along with many of the other declines in the housing market, the National Association of Home Builders (NAHB) reports that new home sales have fallen even further in the month of July. This new level is reported by the NAHB to be the lowest value since January of 2016. Based on data from the U.S. Department of Housing and Urban Development, single-family homes dropped sales by 12.6% this month, whereas total new home have dropped 29.6% since the beginning of the year.

 

The NAHB believes that the indication to be gleaned from this overall decline in the housing market is that housing is in a recession. Jerry Konter, the chairman of the NAHB, explained this relationship, "The disappointing sales pace mirrors an ongoing decline in builder sentiment as elevated mortgage rates and higher construction costs are pushing more consumers out of the market, particularly entry-level buyers."

https://www.nahb.org/news-and-economics/press-releases/2022/08/new-home-sales-fall-to-lowest-pace-in-more-than-six-years