Though new home sales remain supported by a dearth of previously owned homes on the market, the resurgence in mortgage rates is reducing affordability for many prospective home buyers.
The central bank, however, stiffened its hawkish stance, projecting another hike by year end and monetary policy staying significantly tighter through 2024 than previously expected.Data last week showed the National Association of Home Builders/Wells Fargo Housing Market Index dropped in September below the break-even mark of 50 for the first time in five months, with the survey’s measure of prospective buyers tumbling to the lowest level since February.But they rose in the Northeast.
New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis.The median new house price in August was $430,300, a 2.3% decline from a year ago.At August’s sales pace it would take 7.8 months to clear the supply of houses on the market, up from 7 months in July.
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