Why does new home sales rise despite higher mortgage rates?
U.S. new home sales rise despite higher mortgage rates
Americans shrugged off higher mortgage rates and snapped up new homes in February at the fastest pace since July.
The Commerce Department says new home sales rose 6.1 percent last month to a seasonally adjusted annual rate of 592,000. That is nearly 13 percent higher than a year ago.
Builders have ramped up the construction of new homes, which helps meet strong demand and boosts sales. That could provide a crucial lift to the overall housing market: The supply of existing homes for sale has dwindled, preventing many potential buyers from purchasing homes.
There were 266,000 new homes for sale last month, the most since July 2009 – a month after the recession ended – and up nearly 10 percent from a year earlier.
Source: Florida Realtors
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New$635,000
Bn08 - East Of Us41 South Of Ter
Courtesy of DomainRealty.com LLC
2 BEDS2 BATHS1149 SQFTShare this Property -
New$1,250,000
Valencia Bonita
Courtesy of Berkshire Hathaway Homeservice
3 BEDS4 BATHS2900 SQFTShare this Property -
New$339,000
Morton Grove Condo
Courtesy of Keller Williams Realty Naples
3 BEDS2 BATHS1523 SQFTShare this Property -
New$2,500,000
Rio Vista Unrecorded Subdivision
Courtesy of Coldwell Banker Realty
6 BEDS5 BATHS4030 SQFTShare this Property -
New$589,810
Bn07 - East Of Us41 North Of Ter
Courtesy of Coral Real Estate
3 BEDS3 BATHS2308 SQFTShare this Property -
New$599,000
Bn10 - East Of Old 41 South Of S
Courtesy of Fidelity Florida Realty Corp
3 BEDS2 BATHS1693 SQFTShare this Property -
New$819,000
Cedar Creek
Courtesy of Smart Realty of Florida PA
4 BEDS3 BATHS2413 SQFTShare this Property -
New$420,000
Spanish Wells
Courtesy of Coldwell Banker Realty
2 BEDS2 BATHS1386 SQFTShare this Property -
New$295,000
Lakeside Hideaway
Courtesy of Premier Sotheby's Int'l Realty
2 BEDS2 BATHS1129 SQFTShare this Property -
New$525,000
Village Walk Of Bonita Springs
Courtesy of Douglas Elliman Florida,LLC
2 BEDS2 BATHS1534 SQFTShare this Property -
New$239,000
San Mirage
Courtesy of Marzucco Real Estate
1 BEDS1 BATHS713 SQFTShare this Property -
New$1,999,000
Bonita Bay
Courtesy of Dellatore Real Estate Company
3 BEDS3 BATHS2471 SQFTShare this Property