This resilient part of the housing market is cracking

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Sales of newly built homes decreased 8.7% to a seasonally adjusted rate of 675,000 units last month from the revised July rate of 739,000.

The last bastion of the housing market faltered last month.

“Tight inventories of existing homes for sale have pushed some buyers toward the new construction market. That said, that market is, of course, also affected by uncertainty and higher financing costs, although builder incentives can help offset these to some degree,” Keith Gumbinger, vice president of HSH.com. wrote in his weekly Market Trends analysis. “Homebuilder moods are starting to reflect the change of seasons and in market conditions.

For instance, D.R. Horton is currently offering a limited time opportunity to lock in a 30-year fixed rate on a certain government-backed home loans as low asIn September, 32% of builders reduced home prices, compared with 25% in August. According to the, that’s the largest share of builders offering price cuts since December 2022 when that share hit 35%. The average price discount was 6%.

 

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