The mortgage industry has seen a recent shift in new home sales. After a slump experienced in June, July provided good news by reporting a 4.4% growth in new home sales. This growth in sales is indicative of increasing confidence in the market, though underlying challenges still remain.
Particularly of note is the effect of increasing prices on the affordability of homes. Prices have declined over the previous four months, though statistically these numbers come before the effects of the current pandemic are realized. Even so, the effects of the Health Crisis are likely to linger.
Important points:
• 4.4% increase in new home sales
• Prices of new homes have declined year-over-year for the past four months
• Recent shift in the market indicative of growing confidence
• Negative effect on affordability caused by the current pandemic is yet to be fully realized
You can read this full article at: https://www.housingwire.com/articles/new-home-sales-picked-up-significantly-in-july-can-it-last/(subscription required)
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