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New Home Sales Plummet as Builders Adapt | Real Estate News
New home sales plummeted in July, down 10.5% from June and 6.3% year-over-year, hitting a five-year low at 607,000 units. The Midwest and South took the biggest hits, while the Northeast and West saw modest gains. Builders are pivoting—offering smaller, more affordable homes to meet buyer struggles amid stubbornly high mortgage rates. Median new home prices dipped to $393,800, the lowest in five years, widening the gap with existing homes to its widest since 1999. With inventory surging to 9.6 months, buyers now have more options—and more leverage. Listen in comfort:Get a discount on a Soli…
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