America’s Housing Market Is Breaking (Again)

Aug 26, 2025

Home sales are plummeting while prices are in freefall, leading to rising inventories and record cancellations. Builders are reacting with price cuts, but buyer motivation remains low amidst economic uncertainty. The podcast examines the disconnect between a vibrant stock market and a sluggish housing sector. It suggests that a macro-led housing bust could be on the horizon as existing home prices stagnate. Additionally, gold's role as a safe haven during these tumultuous times is discussed, spotlighting broader implications for the economy.

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INSIGHT

Housing Market Showing Macro-Led Weakness

Jeff Snider argues the housing market shows declines across new and existing homes with rising inventories and cancellations.
He sees this as a macro-led bust driven by real economy weakness rather than mortgage rates.

INSIGHT

Recovery Was A Price Illusion

Snider traces the problem to the failed ‘recovery’ narrative after the pandemic that encouraged overbuilding.
He says homes and the economy were built on a price illusion that never materialized into real income growth.

INSIGHT

Gold Lacks Spendability As Money

Snider highlights gold's role as a store of value but notes it lacks usability as money.
He argues making gold spendable restores its monetary function beyond being an inflation hedge.

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Home sales are down. Prices are falling. Inventories are rising. Record number of cancelations. And this is for July, not just a prime sales month in real estate, also three months after the events April. Stocks are soaring and trade deals have been struck. Where are all the buyers?

Eurodollar University's Money & Macro Analysis

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Redfin News Home Purchases Are Getting Canceled at a Record Rate
https://www.redfin.com/news/home-purchase-cancellations-july-2025/

Bloomberg US New-Home Sales Exceed Forecast Following Upward Revision
https://www.bloomberg.com/news/articles/2025-08-25/us-new-home-sales-exceed-forecast-following-upward-revision

Bloomberg US Homebuilder Sentiment Retreats as Buyers Lack Motivation
https://www.bloomberg.com/news/articles/2025-08-18/us-homebuilder-sentiment-retreats-as-buyers-lack-motivation

NAR Existing-Home Sales Report Shows 2.0% Increase in July
https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-0-increase-in-july

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

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