New home sales plunged in July as high prices and mortgage rates pushed buyers to think twice about closing the deal
Sales of newly constructed homes fell by 12.6% in July from June and were down 29.6% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. It was the second consecutive month of declines.How much house can I afford? Only 511,000 new homes were sold last month, at a seasonally adjusted annualized rate, down from a revised 585,000 in June. That's the lowest sales number since January 2016.
"While the Federal Reserve attempts to reduce inflation, rising construction and land costs, supply chain disruptions and the labor shortage are contributing to the growing gap between housing demand and supply," he said. New home construction cools as more people get priced out of the housing marketIn the short term, Fish said, controlling inflation will be an important step toward improving the housing market and broader economy.
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