Home Sales Drop in March as Mortgage Rates Surge over 7 Percent
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New home sales surge in March
Some real estate agents have been pretty busy over the past few weeks.
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Number of New Homes for Sale Surges
The number of homes available for sale rose by more than 10 percent in March compared to the same time a year ago, data from the U.S. Census Bureau showed on Tuesday.Last month, there were 477,000 new homes available for sale, 44,000 more than in March of 2023. Compared to February 2024, new homes ready for sale were up by close to 3 percent. The March data amounted to 8.3 months of supply of homes available for sale.: What Is a Mortgage? Types & How They WorkMeanwhile, sales for the month were...
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New home sales inch higher despite 7% mortgage rates: 'There's more opportunity,' economist says
Buyers are highly considering newly built homes amid a shortage of available homes in the U.S. Here's what this means and where prices are standing.