Hardware Retailing The Industry's Source for Insights and Information
Affordability challenges and economic uncertainty continue to influence the housing industry as many homebuyers held off on purchasing new homes in June, according to the National Association of Home Builders.
Newly built single-family home sales rose slightly by 0.6% in June, increasing to a seasonally adjusted rate of 627,000, according to data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“New home sales remained flat last month, highlighting persistent weakness in the housing market despite seasonal expectations for growth,” says Buddy Hughes, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Lexington, North Caroline. “Elevated mortgage rates and sustained price levels continue to limit purchasing power, particularly among first-time and middle-income buyers.”
New single-family home inventory continued to rise in June, with 511,000 residences marked for sale last month, 1.2% higher than the previous month and 8.5% higher than June 2024. The median new home sale price decreased by 4.9% to $401, 800, down from June of last year.
