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Us New Home Sales

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economy2 years ago•4 min saved

US New Home Sales in October Slowed Down by Rising Mortgage Rates

Sales of new U.S. single-family homes dropped 5.6% in October, more than expected, as higher mortgage rates deterred buyers despite builders cutting prices. However, the decline is likely temporary due to a persistent shortage of previously owned houses on the market. The supply of existing homes is nearly 50% below pre-pandemic levels, leading to increased demand for new construction. While the median house price plunged 17.6% from a year ago, economists caution against reading too much into this figure, as it does not account for changes in the mix of sales. With mortgage rates expected to fall again, a rebound in new home sales is anticipated.

via Reuters|

#economy #existing-home-inventory #homebuilder-sentiment

real-estate2 years ago•2 min saved

September Sees Surging New Home Sales in the US

New home sales in the United States surged 12.3% in September to a seasonally adjusted annual rate of 759,000, the fastest pace since February 2022 and exceeding expectations. Existing home sales have been declining due to an inventory and affordability crunch caused by high mortgage rates, with homeowners reluctant to sell and buy at higher rates. The average rate for a 30-year fixed-rate mortgage was 7.63% last week, and with another Fed interest rate hike expected, rates are not anticipated to drop soon. New construction has become an appealing alternative, attracting buyers frustrated by low supply, but affordability concerns persist. The south region saw the highest increase in new home sales, driven by land availability, population and job growth, and lower cost of living. The inventory picture is better for new construction homes, with a supply of 6.9 months compared to 3.4 months for existing homes.

via CNN|

#affordability #housing-market #inventory

business2 years ago•4 min saved

US New Home Sales Surge in April Despite Inventory Shortages.

Sales of new US single-family homes rose to a 13-month high in April, boosted by a persistent shortage of previously owned houses on the market and a sharp decline in prices from last year's lofty levels. Business activity also rose to a 13-month high in May, indicating that the economy regained momentum early in the second quarter. Despite a recent tightening in credit conditions, there are no signs yet that the housing market is being weighed down.

via Reuters|

#business #business-activity #economy