New-Home Sales Surge as Buyers Seek Options in Tight Housing Market
Sales of new single‐family houses jumped in March as homebuyers struggle to find available properties on the resale market.
Sales of new single‐family houses jumped in March as homebuyers struggle to find available properties on the resale market.
The number of existing-home sales dropped 4.3% in March from February as homebuyers grappled with rising prices and mortgage rates.
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Privately owned housing starts dropped 14.7% in March, the largest monthly decline since the onset of the COVID-19 pandemic in April 2020.
Pending home sales data for last month show monthly gains in the Midwest and South and a pullback in the higher-priced Northeast and West.
Nationwide, home prices rose 6% in January from a year earlier, the biggest year-over-year increase since November 2022.
The median sales price of new homes dropped 7.6% on an annual basis in February, to $400,500, its lowest level since June 2021.
This year’s housing market is off to a strong start as sales of existing homes experienced the largest month-over-month jump in a year.
Construction of new U.S. homes rebounded 10.7% in February to an annual pace of 1.52 million units, the Commerce Department said Tuesday.
The housing market isn’t off to a good start this year. The number of homes that are under contract fell in January, says a recent report.
Housing market saw above-average price gains despite rising cost of mortgage financing, Case-Shiller says.
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