In May, sales of new single-family homes in the US fell 13.7%, reaching a seven-month low of 623,000 annualized units. This decline comes amidst elevated mortgage rates and increasing material costs, despite builders offering incentives. With rising inventories, housing affordability remains a significant hurdle, particularly in the South, which experienced a 21% plunge in sales. The report shows a surge in inventories and a slight increase in median sales prices, highlighting ongoing challenges in the housing market.
US new home sales saw a drastic 13.7% decline in May, driven by high mortgage rates and rising material costs, making affordability a critical issue.
The inventory of new homes hit levels not seen since 2007, reflecting builders' struggles amid mounting economic challenges.
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