As Affordability of New Homes Decreases, New Home Sales Follows, According to the NAHB
During the month of June, new home sales fell to the lowest they have been since April of 2020. This drop, as reported by the National Association of Home Builders (NAHB), is due to a number of reasons including construction bottlenecks resulting in the heightening housing costs and slowing home building June has seen. According to the US Department of Housing and Urban Development as well as the US Census Bureau, the total sales of new, single-family houses dropped by 8.1% in June to 590,000 from May. On a yearly level, new house sales are down 13.4% for 2022.