New #home #sales slide #nationwide

New home sales slide nationwide

Sales of new single-family homes in the U.S. fell 18.2% between January and February on a seasonally adjusted basis to an annual rate of 775,000, the U.S. Census Bureau and the Department of Housing and Urban Development reported. Year over year, sales were 8.2% higher than February 2020.
The median sales price for new houses sold in February was $349,000.
Much of the year-over-year increase in home sales was supported by continued robust activity in the Southeast, which saw a 20.2% rise to a 458,000 annual rate. The Midwest was the only other region to see year-over-year gains in sales, with growth of 4.9% to an 85,000 rate, while the Northeast and West saw declines of 11.6% and 8.1% to 38,000 and 194,000, respectively.
On a monthly basis, sales were down in all regions, led by the Midwest, where sales plunged 37.5%, and followed by the West, South and Northeast with declines of 16.4%, 14.7% and 11.6%, respectively.
The National Association of Homebuilders chalked up the month-over-month decline in sales to a “combination of broader affordability challenges,” including higher interest rates and rising materials, and the effects of winter storms, which hampered activity.
Nevertheless, housing demand remains strong, as seen in the year-over-year numbers, the association said in a release, highlighting relatively low interest rates, a continued consumer focus on the importance of housing and solid demand in suburbs and exurbs.
NAHB cautioned that housing affordability headwinds will increase in 2021, thanks to the increasing cost of building materials and rising mortgage rates, which have risen more than 30 basis points over the last five weeks per Freddie Mac estimates.
At the end of February, there were 312,000 homes for sale nationwide, a 2.6% increase from January and a 4.6% decline from February 2020. This represented a 4.8-month supply, which was up 26.3% from the 3.8-month supply in January but down 12.7% from a year ago.
The post New home sales slide nationwide appeared first on Boston Agent Magazine.

Homebuyers: For access to all listings and to find a homebuyers real estate agent that will represent only your interests call 800-935-6222 or click the button below to connect with MABA. At MABA we got you!

First Time Home Buying in Massachusetts

MABA Buyer Agents help first time home buyers reduce the stress and frustration normally associated with buying a home or condo – especially for first time home buyers.

As a first time homebuyer in Massachusetts, you can turn to our non-profit organization to help you understand and navigate the complexities of the entire Massachusetts real estate transaction, from mortgage pre-approval until you are handed the keys to your new home or condominium. Each of our member buyer's brokers and agents works only for their buyer-clients and never for the seller of the home or condo that their buyers want to buy.

MABA Buyer Agents will take the time to learn about you and your real estate goals, help you understand your options, including first time home buyer programs, properties and/or condominium associations, estimate real property values and put together a negotiating strategy to help you increase the odds of getting your offer accepted in our competitive Massachusetts real estate market. After advocating to get your offer accepted, your MABA buyer's agent will be there for you at your home inspection and help you protect your deposit through the inspection, purchase & sale and financing contingency periods.

You can buy your first home or condo with confidence knowing that your MABA buyer agent is committed to saving you time and money and helping you make your best home buying decision.