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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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

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
Source: cbschicago - 🏆 546. / 51 Read more »

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
Source: Utoday_en - 🏆 295. / 63 Read more »

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%.
Source: cnnbrk - 🏆 393. / 55 Read more »