July 12, 2024

New Home Sales

homes for sale

Just out – The Commerce Department reported U.S. sales of newly built home dropped 13.4 percent. That’s the lowest pace in nine months!

Up to this point, the new home sales rose 7 percent in the 12 months ending in July.

This drop in new home sales, I believe is a direct result of the fact that mortgage rates have risen a full percentage point since May.

The supply of new homes for sale at the end of July, in now the most in more than two years.

 

New Home Sales