Elevated mortgage rates caused the sale of newly built, single-family homes to remain flat in June, according to the National Association of Home Builders.
Single-family home sales fell 0.6% in June to a seasonally adjusted annual rate of 617,000 units, according to U.S. Department of Housing and Urban Development data.
The pace of new home sales is down 7.4% since June 2023 and is the lowest pace since November 2023.
“Many potential buyers are remaining in a holding pattern due to elevated mortgage rates that averaged near 7% in June,” NAHB Chairman Carl Harris said in a statement. “However, moderating inflation suggests lower interest rates in the months ahead, and that should bring more buyers off the sidelines.”
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