The article discusses rising new home inventory, with builders offering concessions to attract buyers amidst fluctuating mortgage rates. The total new home supply has seen a 10% increase year-on-year, though existing-home sales remain low despite a 9.3% annual rise, the highest since mid-2021. Existing home listings suffered a steep decline, attributed to fluctuating mortgage rates which affect purchasing power. Regionally, the Midwest and Northeast experienced significant inventory increases, while the South and West lagged due to lower total sales volumes. Overall, the housing market is marked by contrasting trends in new construction versus existing-home sales.
Home builders were able to offer prospective buyers concessions, including rate buydowns, to entice them to new home communities.
Inventory continues to be an issue in the existing-homes market. The brief drop in mortgage rates at the end of the summer loosened the lock-in effect.
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