Mortgage & housing market update
July New-Home Sales Retreat as Available Inventory Grows
New single-family home sales gave back June's improvement in July while the supply of homes available for sale increased, reinforcing an uneven market for builders and buyers.
Census Bureau and HUD data showed July new-home sales falling from both the prior month and the prior year. With the sales pace slowing and inventory rising, the estimated months of supply increased, although national figures can differ considerably from conditions in an individual Florida or Georgia community.
Reported median and average prices moved in different directions, illustrating how the mix of homes sold can affect monthly price statistics. These national figures should not be treated as an appraisal or a measure of any specific home's value.
Buyers comparing new construction should look beyond the advertised price. Builder incentives, estimated property taxes, homeowners association or CDD assessments, insurance, completion timing and financing terms can materially change the complete cost of ownership.
Mortgage-rate information is provided for education only and is not a rate quote, offer, or commitment to lend. Actual rates, fees and terms vary by borrower, property, loan program, market conditions and lock period. Home-price indexes are not appraisals or forecasts for a specific property.
Source reporting: Housing Brief Housing News. This market update is an original summary and commentary prepared by the Carson Home Team.