Market for newly built homes slows as elevated mortgage rates put off many home shoppers

FILE - Workers toil on new homes in a housing development Tuesday, June 25, 2024, in Loveland, Colo. After showing signs of strengthening early this year, sales of new U.S. homes fell in April and May from a year earlier by 7.7% and 16.5%, respectively. – Homebuilders who bucked the worst of last year’s housing slump may be seeing their luck run out.

“But for some homebuyers, those financial incentives are no longer enough to get them on the building lot,” said Lisa Sturtevant, chief economist at Bright MLS. For one, there are more new homes available. The available inventory at the end of last month amounted to a 9.3-month supply, going by the current sales pace. That’s the highest months’ supply of new homes for sale since October 2022.

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