New Housing Market Sales Plummet in US
Dropping a staggering 10% in the past month, US residents have been wary about purchasing new homes.
Despite improvement in the job market, since the presidential election mortgage rates have risen, which experts have been led to believe are the reason for the stunt in growth in the real estate market.
With Trump’s rise to Presidency, there is an expectation of inflation to increase while stimulating growth in the economy.
The average new home price has been estimated in the low $300,000 range. This could be the main telling sign as to why people are reluctant to hold off on purchasing that new home, after all, this is a increase by 8% from the previous year. Overall, the existing home market has seen a decrease in 3%, not as high as it’s new home counterpart.