Stay informed about the latest news in the real estate market with today’s top stories. Discover valuable insights into new residential sales in the United States, including data and analysis from the Census Bureau’s Economic Indicators Division. Explore housing market predictions for 2024, offering hope for a more affordable market despite challenges such as rising mortgage rates and soaring home prices. Learn about the decline in new-home sales and the impact of existing inventory on the housing market. Dive into the ongoing challenge of housing affordability, with families needing a significant portion of their income to make mortgage payments. Policymakers are urged to address the shortage of housing units and enact policy changes to support increased home construction. To read more about these topics and stay up-to-date, click on the respective articles above.
New Residential Sales Press Release
Stay up-to-date with the latest information on new residential sales in the United States. The Economic Indicators Division of the Census Bureau’s Residential Construction Branch provides valuable data and insights into this important sector. For any data inquiries, contact the Economic Indicators Division at 301-763-5160 or [email protected]. Media inquiries can be directed to the Public Information Office at 301-763-3030 or [email protected]. To learn more about new residential sales and access the full press release, visit the Census Bureau’s website.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
Discover the latest insights into the housing market and predictions for 2024. Despite the challenges of rising mortgage rates and soaring home prices, experts believe there is hope for a more affordable market in the future. Factors such as increased inventory, gradual price growth, and favorable economic conditions are expected to contribute to a recovery. However, timing the market is difficult, and experts emphasize the importance of finding a home that meets your needs and fits your financial situation. To delve deeper into the housing market predictions for 2024, read the full article on Forbes Advisor.
New-home sales stumble as existing inventory increases – HousingWire
Discover the latest updates on new-home sales and the impact of existing inventory on the housing market. In April, new-home sales experienced a decline of 4.7% compared to the previous month, attributed to increased supply of existing homes and higher mortgage rates. The median sale price for a new home rose to $433,500, while existing homes sold for a median price of $407,600. Homebuilder sentiment also stalled in May due to elevated mortgage rates. Despite these challenges, experts believe that new-home sales will gradually increase with a solid economic background and builders’ ability to offer incentives. To learn more about the current state of new-home sales and existing inventory, read the full article on HousingWire.
April New Home Sales Decline | Florida Realtors
Discover the latest updates on new home sales in the United States. In April, new home purchases experienced a decline of 4.7% compared to the previous month, attributed to high mortgage rates, prices, and a short supply. The median sales price of new houses sold in April was $433,500, with an average sales price of $505,700. The National Association of Home Builders (NAHB) highlights the ongoing challenge of housing affordability across the country, with families needing a significant portion of their income to make mortgage payments. Policymakers are urged to address the shortage of housing units and enact policy changes to support increased home construction. To learn more about the decline in new home sales, read the full article on Florida Realtors.
Families Must Spend 38% of Their Income on Mortgage Payments, New NAHB Index Shows | NAHB
Discover the latest findings from the National Association of Home Builders (NAHB) and Wells Fargo regarding the housing affordability crisis in America. The new quarterly Cost of Housing Index reveals that a typical family needs to allocate 38% of their income to make mortgage payments on a median-priced new single-family home. Low-income families, defined as those earning 50% of the area’s median income, would have to spend 77% of their earnings for the same home. The shortage of affordable housing is a significant factor contributing to these challenges, with a nationwide shortage of approximately 1.5 million homes. Policymakers are urged to address excessive regulations, zoning rules, building codes, and other factors hindering the construction of attainable, affordable housing. To learn more about the housing affordability crisis and the NAHB’s 10-point plan, visit the NAHB website.