Housing Market Recession: Record Share Of Homes For Sale Are New Construction—Here’s What That Means For Buyers

The share of new homes on the market surged to record levels last quarter as mortgage rates jumped to a 22-year high, according to real estate brokerage Redfin, forcing builders to offload homes with steep incentives and at lower prices in a bid to attract prospective buyers....

As demand craters, the impact has been harshest on pandemic “boomtowns,” or areas that saw home buying demand surge during the pandemic but now have been hit hardest by the dearth in prospective buyers, according to Redfin, which notes the highest percentages of new homes for sale are in markets like El Paso, Texas; Oklahoma City; Omaha, Nebraska; Raleigh, North Carolina; and Houston.

Philippines Philippines Latest News, Philippines Philippines Headlines

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

Are layoffs and the stalled housing market signs to tap equity now?High inflation and a pending avalanche of job losses are going to squeeze the cash reserves from many homeowners who could soon be scrambling to make house payments.
Source: ladailynews - 🏆 332. / 59 Read more »

Asian Stock Market: Indices fly on jubilant market mood, yields witness bloodbath, oil above $86.00Asian Stock Market: Indices fly on jubilant market mood, yields witness bloodbath, oil above $86.00 – by Sagar_Dua24 Asia Nikkei RiskAppetite Oil YieldCurve
Source: FXStreetNews - 🏆 14. / 72 Read more »