The houses will be built on April 17, 2025 in a neighborhood in Austin, Texas.
Brandon Bell | Getty pictures
The turnover of new single-family houses fell to seasonally adjusted basis in May in May by 13.7% compared to 623,000 units, according to the US people's census.
This sales were 6.3% lower than May 2024 and far below the six -month average of 671,000 and a one -year average of 676,000. In addition, the pre-Pandemic average of 685,000 units sold in 2019.
According to Dow Jones estimates, analysts from Wall Street expected a new house turnover of 695,000 in May.
This count is based on signed contracts, so that people shop in May when the mortgage interests persisted.
The average interest rate for the 30-year-old fixed mortgage takes 6.83%, according to Mortgage News Daily, increased to a little more than 7% to 6.95% every day.
“The large decline in new home sales in May cancel the entire positivity of the past few months and serve as a valuable memory to the fact that buyer activities have so far only increased, with the mortgage interest rates hugging 7%,” wrote Bradley Saunders, economists in capital economy.
Hausbauer, who were reported over quarterly profits, recently found the high rates for affordability.
“The macroeconomics is still a challenge because the mortgage interests have remained higher, while the confidence of the consumer was questioned by a wide range of domestic and global uncertainties,” said Stuart Miller, Co-CEO of CEO CEO LennarOn a call with analysts after the company was published in the second quarter. “In the entire housing landscape, the implementable demand was reduced by both affordability and the trust of consumers and is therefore still softer.”
Lennar reported to lower prices, but KB homeThe prizes increased that his quarterly winnings recorded this week.
According to the census report, the average price of a new house sold in May in May was $ 426,600, 3% above the previous year's value.
The slower sales led to a significant increase in the offer. At the end of May there were 507,000 new houses for sales. This corresponds to a 9.8-month offer for the current sales rate of 15% higher than in May 2024.
The last time was the offer that was short in the summer of 2022 after the Federal Reserve had raised the interest rates after the pandemic. Before that, the offer was not as high since 2009, in the middle of the subprime mortgage crisis and the great recession.