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

FILE - A residential development under construction in Eagleville, Pa., on April 28, 2023. Homebuyers should get used to painfully high mortgage rates, despite a signal from the Federal Reserve Wednesday May 4, that it could finally pause its yearlong campaign of rate hikes. 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.

The recent slowdown in new home sales marks a shift from last year, when sales rose nationally for the first time in two years, climbing 4.2% from a year earlier. By comparison, sales of previously occupied U.S. homes sank roughly 19% to a nearly 30-year low. "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.

España Últimas Noticias, España Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Tron (TRX) Surpasses Shiba Inu (SHIB) in Fresh Market ShiftMarket shift comes amid broader drop in cryptocurrency market
Fuente: Utoday_en - 🏆 295. / 63 Leer más »

The Fresh Market to move into old Dom's Kitchen & Market location in Chicago's Lincoln Park communityThe Fresh Market to move into old Dom's Kitchen & Market location in Lincoln Park
Fuente: cbschicago - 🏆 546. / 51 Leer más »

Coinrate.pro's Exclusive Market-Making Systems Overcome Low Market Cap and Trading Volume IssuesCoinrate.pro offers advanced technological solutions to address the issues of low market cap and trading volume
Fuente: Utoday_en - 🏆 295. / 63 Leer más »

The college job market offers a warning sign to the US labor marketOn paper, the job market looks like it’s hardly ever been better. But the unemployment rate for bachelor’s degree recipients aged 20 to 29 is above 12%.
Fuente: cnnbrk - 🏆 393. / 55 Leer más »

Market for newly built homes slows as elevated mortgage rates put off many home shoppersHomebuilders who bucked the worst of last year's housing slump may be seeing their luck run out.After showing signs of strengthening early this year, sales of n
Fuente: KUTV2News - 🏆 281. / 63 Leer más »