by Wolf Richter
“The only word to describe the Dallas housing market is ‘frenzy.’”
At Houston auto dealers, new vehicle sales in June plunged 22% from a year ago, with new truck sales down 18% and new car sales down 29%, according to TexAuto Facts via Greater Houston Partnership. It’s not a blip: Year-to-date new vehicles sales dropped 19%, with trucks down 13% and cars down 27%.
Those are scary numbers for car dealers. They’re highly leveraged, and a sudden, prolonged plunge like this is causing a lot of gnashing of teeth.
Houston’s total retail sales, including auto sales, dropped 9.8% in June and 10.3% year-to-date.