New home sales rise for third month in a row, defying 'recession' fears
New home sales in May rose 12.2% last month to a seasonally adjusted annual rate of 763,000, according to a report Tuesday from the Census Bureau, far above the number expected by forecasters. The reading comes despite persistently high mortgage rates. Sales were 20% higher than in May 2022.Mortgage rates are much higher now than they were a year ago because the Federal Reserve has been hiking rates consistently since March 2022.
Because mortgage rates have surged so much, owners of existing homes who have mortgages with rates locked in before 2022 are shying away from selling because they want to keep their historically low rates. That means less existing home inventory on the market, making new homes more of a hot commodity.
According to the Census Bureau, multifamily starts were up 33.2% year over year in May. In a surprise reading for economists, the total number of housing starts unexpectedly grew in May, growing by the most since 2016.
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