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Mortgage Rates Impact New Home Sales by Staff
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.
Incorporating Features into Designs
Association's Funds help HBAs Tackle Regulatory Challenges
NAHB Survey Results Released
Association's Forecast Contrasts Fed's Expectations
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