Housing Affordability Causes Ongoing Challenges In New Home Sales In June
Contracts for new, single-family home sales increased in June by 7.0% to a 646,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The increase came off a downwardly revised May estimate, which was decreased from an initial reading of 626,000 to a new estimate of 604,000. Year-over-year, the June estimate is 4.5% higher compared to June 2018. The June estimate is another reminder that builders must manage costs as affordability concerns rise. While a solid economy and positive demographics support future demand for housing, it is critical to address the mounting affordability crisis despite lower mortgage rates.
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