A limited amount of existing inventory along with solid demand helped new home sales end the year on an up note, even as buyers continue to grapple with housing affordability challenges.
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New Home Sales Decline in October
Steadily rising mortgage rates coupled with ongoing affordability challenges kept many potential home buyers on the sidelines in October.
Read MoreSingle-Family Starts Up in August
Single-family starts posted a solid gain in August on robust demand and moderating mortgage rates even as builders continue to grapple with challenges related to lot and labor shortages and elevated prices for many building materials.
Read MoreNAHB Commends Vice President’s Focus on Housing Production, Affordability
Carl Harris, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Wichita, Kan., issued the following statement regarding Vice President Kamala Harris’s housing plan announced during a campaign event in Raleigh, N.C.:
Read MoreNew Home Sales Post Solid Gain in March
Despite higher interest rates last month, new home sales rose in March due to limited inventory of existing homes. However, the pace of new home sales will be under pressure in April as mortgage rates moved above 7% this month, which is expected to moderate sales and increase the use of builder sales incentives this spring.
Read MoreHousing Starts Fall on Interest Rate, Financing Concerns
Housing starts fell in March with interest rates somewhat higher than expected last month as the latest inflation readings failed to show improvement. Builders are also still facing higher supply-side costs and tighter lending conditions.
Read MoreHousing Starts Decline in January on Multifamily Weakness
A sharp decline in multifamily starts pushed overall housing starts down in January even as single-family production showed signs of a gradual improvement later this year as interest rates continue to moderate.
Read MoreSingle-Family Starts Down in December but Post Solid Showing
In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December.
Read MoreSingle-Family Starts Surge on Falling Interest Rates
Single-family construction surged in November as lower mortgage rates helped to assuage affordability concerns and unleash pent-up demand for housing.
Read MoreNew Home Sales Weaken in August on Higher Mortgage Rates
Sales of newly built, single-family homes in August fell 8.7% to a 675,000 seasonally adjusted annual rate from an upwardly revised reading in July, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in August was up 5.8% from a year ago.
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