Decline in Sale of US New Homes for First Time in Three Months

1. Decline in Sale of US New Homes for First Time in Three Months For new single-family houses, the purchase declined 4.5% to 801,000 annualized pace after a revised 839,000 in December, as data from the government revealed Thursday. As per Bloomberg survey by economists estimates the median to be 803,000 rates. While the subtle demand for new homes is concrete, triggered in part by low inventory at record levels in the resale market, the highest mortgage rates since the mid of 2019 indicate a headwind. Higher costs of materials contribute to inflation in housing and sideline the prospective shoppers. With further moderation in the sales, it is likely to help builders chip away at backlogs for construction that remain elevated due to the delays in transportation and supply. The new home sales report released by the Census Bureau and Department of Housing and Urban Development indicates that the median sales price of a newly constructed home surged 13.4% compared to a year earlier to $423,300. Towards the end of January, the number of new homes for sale was 406,000, which is the most since 2008, although approximately 26% of these houses were the ones whose construction had not

2. begun yet. Given the current pace of sale, the time to exhaust the supply of new homes is approximately 6.1 months, compared to 3.6 months that was one year earlier. You can read the full content: https://businessupside.com/2022/02/25/decline-in-sale-of-us-new-homes- for-first-time-in-three-months/ -------------------------- Business Upside Email ID: support@businessupside.com Phone No.: +1-425-605-0775 Visit Us: https://www.businessupside.com/ Stay Connected Via: https://www.facebook.com/businessupside https://www.youtube.com/channel/UCuSkeS5oU- B2tRIBDYntmaw https://twitter.com/BusinessUpside1