New home sales for the month of May fell over 11%, against an expected -0.2%, according to the US Census Bureau. A higher inventory of homes sitting on the market and higher mortgage rates are putting pressure on the housing market as a whole.
All of this largely an impact of high mortgage rates which continue to weigh on home buyers here with more reaction.I wanna just get your broad read here on what we're seeing in the housing market considering some of the moves that we're now tracking both week over week on the mortgage rate side and then month, over month on the sales side as well.Story continues
And then of course, they're also facing uh financing costs that are going up due to the higher interest rate environment.And of course, that hasn't happened yet. What is your anticipation for how that will continue to moderate as we move on throughout this mortgage rate environment?And this period of higher interest rates, especially when we first started to see them pick up quickly in 2022 should traditionally have made builders pull back on building.
And then of course, uh continued tightness in the resale market is just going to help keep uh that balance of more newly built homes on the market to be on that high and rather than traditional um time frames.
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