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New-Home Sales Surge as Buyers Flock to Builder Incentives Amid Declining Mortgage Rates
New-Home Sales Surge as Buyers Flock to Builder Incentives Amid Declining Mortgage Rates
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BTCCSquare news:
August witnessed a surprising 20% monthly surge in new-home sales, reaching an annualized rate of 800,000—the fastest pace since early 2022. Builders' cost-lowering incentives and a recent dip in mortgage rates fueled the rebound, while existing home sales stagnated under persistent price pressures.
"There's a large pool of Americans sitting on the sidelines who want to buy," notes Navy Federal Credit Union's chief economist Heather Long. The data suggests pent-up demand may unlock further if affordability continues improving, marking a potential inflection point for the housing market.
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