Housing

Mortgage Rates Now Headed to 7.0%

Existing Homes Sales continue to decline (see blue line) due to rising mortgage rates, higher home prices (although prices have declined slightly),

Is Housing Still In Demand?

On July 26th the DEMAND SIDE data is scheduled to be released on Unit sales, Price, and Months of Inventory. While new home sales

NEW HOME SALES and PRICES

When COVID-19 first hit the US in March 2020 sales of NEW homes immediately stalled but quickly resumed as interest rates declined.  With record-low mortgage rates, sales of NEW homes surged in late 2020 and into 2021.  As mortgage rates increased sales slowed but appear to be at levels slightly below levels that prevailed prior to March 2020.  The increased sales with multi-generational lows may have brought demand forward, thus giving the impression that NEW home sales have stalled.