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New home sales inch higher despite 7% mortgage rates: 'There's more opportunity,' economist says - TL;DR CNBC

New home sales inch higher despite 7% mortgage rates: 'There's more opportunity,' economist says

Publishing timestamp: 2024-04-26 13:38:49


Summary

Homebuyers are turning to new construction due to more incentives and availability compared to previously owned homes. Median sales price for new single-family houses is $430,700, up 8.3% from last year. Existing home sales have dropped, leading buyers to consider new builds with incentives like rate buy-downs and price cuts. The price gap between new and existing homes has narrowed significantly.


Sentiment: NEUTRAL

Tickers: ZG

Keywords: personal loansbreaking news: investingreal estatezillow group incbusiness newseconomic eventsunited statespersonal financemortgagesinvestment strategyinterest ratessocial issues

Source: https://www.cnbc.com/2024/04/26/heres-why-new-home-sales-inch-higher-despite-7percent-mortgage-rates.html


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