New residential construction, dipped 11.3% month-over-month in August to 1.283 million units.
in a row, with the latest average rate on the 30-year fixed mortgage at 7.18%. Many buyers who rely on financing have retreated to the sidelines as unaffordability once again exacerbates the market.
. New home construction likely will stay a key piece in the housing market as long as the existing-home inventory is depressed.. New home sales made up about one-third of inventory on the for-sale market in the second quarter, when they typically only account for 10%.mortgage rate lock effect "New construction is the only option for many buyers," Shauna Pendleton, a Redfin real estate agent in Boise, Idaho, said in NAR's press release.The NAHB found that 42% of new single-family homebuyers year to date were first-timers. That is substantially higher than the 27% during a more normal market in 2018.
To help, almost one-third of homebuilders discounted home prices in September to boost sales, compared with 25% in August,found. This marked the largest share since December 2022, when 35% of builders reduced costs.
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