New Home Sales
While we continue to hear about affordability concerns, the data reveals that new home sales continue to be high, and buyers are motivated to become homeowners. Mortgage rates are high and home prices are continuing to rise, which is leading to high competition for desirable homes. Incentives for new home buyers continue to be offered, which is also easing affordability concerns allowing sales to remain high. With low inventory of housing, demand is still remaining high, and we are seeing that reflect in new home sales as they continue to increase throughout 2023.
The full insights here.