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US New Home Sales Soft in June as Mortgage Rates Remain Near 7%
Elevated mortgage rates continue to keep buyers on hold, as new home sales remained relatively flat in June. Sales of newly built, single-family homes in June fell 0.6% to a 617,000 seasonally adjusted annual rate from a slight upwardly revised reading in May, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in June is down 7.4% from a year earlier and is the lowest pace since November 2023. “Many potential buyers are remaining in a holding pattern due to elevated mortgage rates that averaged near 7% in June,” said ... (full story)
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- Posted: Jul 24, 2024 12:03pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,704
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