At the same time, the inventory of new homes for sale rose 10.7%, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
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New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
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New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
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New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.
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Low inventory and rising interest rates have reduced prospective homebuyer purchasing power.
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Affordability and supply-chain issues continued to weigh on the sales of new single-family residences.
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“Builders are entering 2022 with backlogs that they are having a hard time completing due to material and labor shortages, and new-home prices are sitting near a historic high.” — First American Deputy Chief Economist Odeta Kushi
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The median sales price of new homes hit a new high of $416,900.
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The seasonally adjusted estimate of new houses for sale at the end of September was 389,000, representing a supply of 6.3 months at the current sales rate, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
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Housing observers noted that demand for housing remains robust despite the lack of new supply.
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