New Home Sales Drop - There is Hope on the Horizon!

Big news for the housing market! New home sales in the U.S. fell, but not as much as expected, hinting at a potential rebound. August saw a 4.7% drop, bringing sales to 716,000 units. But here’s the twist: mortgage rates are at their lowest in over a year, and that could spark demand! The Federal Reserve recently cut interest rates, making borrowing cheaper. With limited existing homes for sale, builders are ramping up new constructions, especially in the $300,000 to $499,999 price range. While sales plunged in the Northeast and West, the South saw a small rise. Experts predict that as rates continue to fall, more buyers will enter the market. So, could we be on the brink of a housing revival? Stay tuned for updates on this evolving story!