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Mortgage Rates Impact New Home Sales
In November, sales of newly built, single-family homes experienced a 12.2% decline, reaching a seasonally adjusted annual rate of 590,000, as reported by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This represents the lowest annual rate since November 2022, yet on a year-to-date basis, sales have increased by 3.9%, primarily driven by limited resale inventory.
Alicia Huey, Chairman of the National Association of Home Builders (NAHB), expressed optimism, stating, "New home sales activity should improve in the months ahead as mortgage interest rates settle in below a 7% rate." She highlighted the positive shift in the latest builder survey, where builders indicated an expectation of increased future sales.
ADUs Seen as Solution
"Agrihoods" a Compelling Direction for MPCs
The American Planning Association Calls for Federal Support to Break Down Regulatory Barriers
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