• Sat. May 25th, 2024

New Home Sales Slightly Decreased in February, Experts Predict Increase Over Rest of Year

BySamantha Nguyen

Mar 25, 2024
February Sees a Decrease in New Home Sales

In February, newly built home sales declined slightly, while previously owned homes saw a significant increase. According to data from the U.S. Census Bureau, if current sales rates continue, 662,000 new homes will be sold this year, slightly below economists’ expectations of 675,000 annually. Despite the slight decrease from January, the annual rate of new home sales in February was still 5.9% higher than the previous year.

On the other hand, existing home sales saw a significant increase of 9.5% during the same month due to lower interest rates easing market constraints. High mortgage rates have caused homeowners to be hesitant about selling and buying new homes, leading to fewer homes for sale. Many economists suggest that building more new homes could help unlock the stagnant market.

Looking ahead, experts predict that new home sales will increase over the rest of the year due to lower mortgage rates, increased supply and a shortage of existing homes for sale. Nancy Vanden Houten of Oxford Economics believes that these factors will likely drive sales of new homes higher in 2024.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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