Industry News Market Update Mortgage

Despite drop in new home sales, existing owners retain home values

ABC7 | Ahtra Elnashar

WASHINGTON (TND) — As soaring mortgage rates push potential homebuyers out of the market, new home sales in September dropped by 10.9%, according to government data released Wednesday. But some industry experts say the market isn’t poised for a crash yet.

Last month, new single-family home sales were at a seasonally adjusted rate of 603,000, according to a joint release by the Census Bureau and Department of Housing and Urban Development — down from August’s rate of 677,000,

Mortgage rates have increased for the tenth week in a row, pushing mortgage demand down to its slowest pace since 1997, according to the Mortgage Bankers Association.

Read the full article: Despite drop in new home sales, existing owners retain home values

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