6 sources·Business

U.S. Single-Family Home Sales Decline Amid Rising Mortgage Rates and Inventories

Sales of new single-family homes drop significantly while mortgage demand rises following a slight decrease in rates, reflecting complex market dynamics.

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Updated: Nov 27th, 2024, 10:31 AM ET

Summary

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Sales of new single-family homes in the U.S. fell 17.3% in October, reaching 610,000 units, the lowest since December 2022. This decline is attributed to rising mortgage rates averaging 6.72%, disruptions from hurricanes, and ongoing inflation concerns. However, recent data shows a 6.3% rise in mortgage demand as rates decreased slightly to 6.86%. Applications to purchase homes rose 12% from the previous week, reflecting pent-up demand as inventory levels increased. While home prices rose 4.7% year-on-year, buyers face challenges due to economic uncertainties and tightening supply.

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