. Nevertheless, the number of new home sales is nearly 6% higher than it was in February of last year, in part because the inventory of pre-owned homes is so low that buyers have been forced into the market for new stock.
Prices for new home sales have generally fallen since peaking at nearly $497,000 in October 2022. Yet new home prices are just under 30% higher than their trough at the start of the pandemic. During the pandemic, the Federal Reserve shaved its interest rate target to near-zero, and mortgage rates plunged to super-low levels. At one point in early 2021, people were locking in incredible 2.5% mortgages — the lowest level in post-war modern history.
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New Zealand's Business NZ PSI improves to 53.0 in February vs. 52.1 priorNew Zealand’s Business NZ Performance of Services Index (PSI) improved to 53.0 in February from the previous reading of 52.1, according to Business NZ on Monday.
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