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February Sees a Decrease in New Home Sales

Despite the slight decline in newly built home sales in February, the annual rate of new home sales was still 5.9% higher than the previous year. In contrast, existing home sales saw a significant increase of 9.5% during the same month, attributed to lower interest rates easing market constraints.

According to data from the U.S. Census Bureau, if the current rate of sales continues, only 662,000 new homes will be sold this year, slightly below economists’ expectations of 675,000 annually. High mortgage rates have caused homeowners to be hesitant about selling and buying new homes, which has led to fewer homes for sale. Many economists suggest that building more new homes could help unlock the stagnant market.

Looking ahead, experts predict that new home sales will increase over the rest of the year due to lower mortgage rates, increased supply, and a shortage of existing homes for sale. Nancy Vanden Houten of Oxford Economics believes that these factors will likely drive sales of new homes higher in 2024.

Despite this trend towards newly built home sales declining in February while previously owned home sales increased significantly due to lower interest rates easing market constraints.

However there is some good news for those looking to build or buy a new home as experts predict that with lower mortgage rates and increased supply coming into play over the next few years we can expect an uptick in new home sales in 2024.

By Samantha Jones

As a dedicated content writer at, I bring a unique blend of creativity and precision to my work. With a passion for storytelling and a keen eye for detail, I strive to craft engaging and informative articles that captivate our readers. From breaking news to thought-provoking features, I am committed to delivering content that resonates with our audience and keeps them coming back for more. Join me on this exciting journey as we explore the ever-evolving world of news and information together.

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