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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4 BEDS3 BATHS2641 SQFTShare this Property -
$449,000
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1 BEDS1 BATHS508 SQFTShare this Property -
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4 BEDS3 BATHS2032 SQFTShare this Property -
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3 BEDS3 BATHS2611 SQFTShare this Property -
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4 BEDS3 BATHS2075 SQFTShare this Property -
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3 BEDS2 BATHS1482 SQFTShare this Property -
$525,000
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2 BEDS2 BATHS995 SQFTShare this Property -
$615,900
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2 BEDS2 BATHS2063 SQFTShare this Property -
$298,900
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Courtesy of Next Home Coast 2 Coast
2 BEDS2 BATHS1030 SQFTShare this Property -
$495,900
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Courtesy of John R. Wood Properties
2 BEDS2 BATHS1275 SQFTShare this Property -
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Bn07 - East Of Us41 North Of Ter
Courtesy of Premiere Plus Realty Company
3 BEDS2 BATHS1646 SQFTShare this Property -
$349,000
Imperial Harbor
Courtesy of Keller Williams Elite Realty
3 BEDS2 BATHS1296 SQFTShare this Property