U.S. New-Home Sales Tumble to Lowest Since April 2020

The video discusses recent trends in the housing market, highlighting a rise in existing home sales and a decline in new home sales. It notes a 6.6% drop in new home sales in June, with prices falling from $374,000 to $361,000. Despite the price drop, the supply of new homes increased from 330,000 to 353,000, affecting prices. The video also explores the impact of these trends on GDP and the potential future implications.

What was the percentage decline in new home sales in June?

• 6.6%

• 8.8%

• 7.7%

• 5.5%

How did the average median price of new home sales change from the previous month?

• It increased from $361,000 to $374,000

• It decreased from $374,000 to $361,000

• It remained the same at $361,000

• It increased from $330,000 to $353,000

What was the change in the number of new homes for sale?

• Remained constant at 330,000

• Increased from 330,000 to 353,000

• Increased from 300,000 to 330,000

• Decreased from 353,000 to 330,000

What effect does increased supply have on new home prices?

• It causes prices to drop

• It has no effect on prices

• It stabilizes prices

• It causes prices to rise

Why are new home sales significant for the economy?

• They are an important component of GDP

• They have no impact on GDP

• They only affect local economies

• They are a minor component of GDP