“Buyers continue to seek additional space for growing families and work-from-home arrangements,” Mangold said. Sales were particularly strong in the South and the Northeast. Here's why home prices stayed high in May In this aerial view, homes sit on lots in a neighborhood on Apin Cutler Bay, Florida. “Buyer demand remains strong and a limited inventory of resales continues to bolster the new home market,” she said. New home sales boosted by low inventory of existing homesĪlthough sales were down from May, the trajectory of new home sales is generally positive, said Kelly Mangold of RCLCO Real Estate Consulting. The median price for a new home dropped to $415,400 in June, down from $416,300 the previous month. In some good news for buyers, prices of new homes dropped from May, the report showed. This increase in mortgage rates cooled mortgage applications. Mortgage rates reached as high as 6.79% at the beginning of June, according to Freddie Mac, as uncertainty moved through the financial industry due to the debt ceiling standoff. Sales were higher than last June’s estimated rate of 563,000. Sales of new single‐family houses were at a seasonally adjusted annual rate of 697,000, down from a revised 715,000 in May. Sales of existing homes have been down for the past few months, while new home sales have been rising. Homeowners with ultra-low mortgage rates are reluctant to sell and buy another home at a much higher mortgage rate. June’s month-over-month pullback is further evidence that while the new construction market is being boosted by exceptionally low inventory, affordability concerns remain. Sales of newly constructed homes were down 2.5% in June from a revised surge of 6.6% in May, although they were up 23.8% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the Census Bureau.

Provided properties may or may not be listed by the office/agent presenting the information.New home sales dropped in June from the month before, even as buyers continued to rely on new construction as an alternative to the historically low supply of existing homes for sale. All interested persons should independently verify accuracy of information. Information provided by Seller/Other sources, not verified by Broker. All measurements and all calculations of area are approximate.

All information provided is deemed reliable but is not guaranteed and should be independently verified. Information is provided in part by the IDX program of METROLIST SERVICES, INC. This information is intended for the personal use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The listings presented here may or may not be listed by the Broker/Agent operating this website. This information is being provided by the Bay East MLS, or CCAR MLS, or bridgeMLS. Information Deemed Reliable But Not Guaranteed.

Houses for sale discovery bay