US Housing Market Sees Sales of New Homes Plummet in Several States from numbers 1998 Watch Video

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✓ Published: 27-Mar-2024

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US Housing Market , Sees Sales of New Homes , Plummet in Several States.<br/>'Newsweek' reports that sales of new homes <br/>across the Northeast and Midwest plummeted <br/>in February, dragging the overall housing <br/>market down across the country.<br/>The news comes at a time when elevated <br/>mortgage rates have already dissuaded <br/>many buyers from purchasing property.<br/>In the Northeast, sales of single-family <br/>homes dropped 31.5%, while the Midwest <br/>saw a more modest decline of 2.4%. .<br/>Sales in the South and West saw <br/>positive increases, with 3.7% and 2.3%, <br/>respectively for the month.<br/>Sales in the South and West saw <br/>positive increases, with 3.7% and 2.3%, <br/>respectively for the month.<br/>According to analysts, <br/>the disappointing numbers <br/>are the result of high mortgage rates.<br/>Rising mortgage <br/>rates subdued <br/>activity in February, Yelena Maleyev, senior economist for KPMG, via 'Newsweek'.<br/>As a result of high mortgage rates, homebuyers <br/>remain reluctant despite lower prices, which <br/>dropped to their lowest level since June 2021. .<br/>As a result of high mortgage rates, homebuyers <br/>remain reluctant despite lower prices, which <br/>dropped to their lowest level since June 2021. .<br/>According to government data, the median <br/>sale price for a single-family home fell by <br/>over $14,000 to reach around $400,000. .<br/>Sales were spurred by a rise <br/>in inventory, as 1.07 million <br/>homes were available for sale <br/>at the end of the month, Yelena Maleyev, senior economist for KPMG, via 'Newsweek'.<br/>The rise in inventories was not <br/>enough to offset the upward <br/>pressure on existing home values; <br/>the median sales price rose <br/>to $384,500, the highest <br/>since November 2023, Yelena Maleyev, senior economist for KPMG, via 'Newsweek'