New home sales take a hit as builders grapple with big delays and bigger costs – News 24-7 Live News 24-7 Live
New home sales take a hit as builders grapple with big delays and bigger costs

New home sales take a hit as builders grapple with big delays and bigger costs

  • Sales of newly built homes fell more than expected in February, as builders faced higher costs and persistent delays.
  • Taken together with rising mortgage rates during the month, affordability for buyers took a major hit.
  • The numbers of homes sold and for sale before even being built have surged over the past year.

Sales of newly built homes fell more than expected in February, as builders faced higher costs and persistent delays, and, consequently, raised their prices.

Taken together with rising mortgage rates during the month, affordability for buyers took a major hit.

The headline sales numbers were disappointing, with an 18% monthly drop to the slowest pace since last May, according to the U.S. Census. But some of the technical numbers are more telling of where builders expect their business to go.

News Source:- CNBC

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