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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New home sales plummet to 6½-year low in July as mortgage rates soarSales dropped 29.6% on a year-on-year basis in July.
Read more »
New York Had Biggest Drop In Life Expectancy Due to COVID, A New CDC Report ShowsThe declines in life expectancy we’re seeing are actually “historically unprecedented,” one expert said.
Read more »
Battle flag flying high as new destroyer makes Mayport Naval Station its new homeThe USS Mason, a U.S. Navy destroyer with 300-plus on board, moves to its new homeport at Mayport as part of a scheduled shift from Norfolk.
Read more »
What to watch: Top Democrats square off in New York - New York Amsterdam NewsTuesday’s primary elections feature two top Florida Democrats squaring off for the chance to face Republican Gov. GovRonDeSantis, a rising conservative star frequently mentioned as a top alternative to Donald Trump in the 2024 GOP presidential contest.
Read more »
Yellowstone National Park officials say foot found floating in hot spring likely connected to July deathYellowstone National Park officials say a foot inside a shoe that was found floating in a hot spring this week is likely connected to a death on July 31.
Read more »