Despite the hurricanes, the slowdown in the housing market is real

 - by New Deal democrat

I'll have a detailed post up tomorrow, but the takeaway from this morning's report on new home sales is that, even when we delete the hurricane-affected South, new home sales cotninue to be down from their March peak.

Further, median prices in August actually turned negative YoY. It appears that the lack of affordability may finally be having a significant effect on the market.  Note that even though lack of affordability probably is what mainly causes sales downturns, typically the sales downturn shows up first before sellers get the message and begin to lower prices.

More tomorrow, with graph-y and chart-y goodness.