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U.S. New-Home Sales Tumble as Mortgage Rates Keep Buyers on the Sidelines
Sales of new U.S. single-family homes fell sharply in July as borrowing costs remained elevated.
Sales of new U.S. single-family homes fell sharply in July as borrowing costs remained elevated.
The difference between a mortgage rate near 3% and one near 7% can add hundreds or even thousands of dollars to a monthly payment on the same house.
U.S. single-family homebuilding fell sharply in July as high rates and economic uncertainty restrained construction.
U.S. builder sentiment improved slightly in August but remained weak, with many firms still cutting prices or offering incentives.
Governments increasingly find that housing affordability cannot be solved by a single lever.