New homes sales fell for the sixth time this year. 'The worst is yet to come' for homebuilders and the real estate market, an economist told Newsweek.
New home sales tumbled 12.6 percent in July, reporting a new record low after reaching their lowest level since April 2020 last month, according to data released on Tuesday by the Census Bureau.
This photo shows a home under construction in the Logan Square neighborhood of Chicago, Illinois August 17, 2022. Faced with dwindling demand, new housing starts dropped in July to the lowest level in more than a year.The median sale price was $439,400, higher than June's $402,400 but lower than May's $449,000. The average sales price was $546,800, higher than both June's $456,800 and May's $511,400.New home sales aren't falling due to a lack of potential buyers.
"It is clear that the increase in mortgage rates combined with consecutive years of double-digit home price appreciation has significantly reduced the demand for new homes as potential homebuyers either struggle with affordability constraints or are worried about buying at the top of the market," Ratner said.
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