Friday, June 2, 2023 | The Latest Buzz for the Appraisal Industry

New Home Sales Plunged in June on Higher Mortgage Rates and Lack of Affordability

New home sales plunged in June as higher mortgage rates and lack of affordability dampened buyer demand. In addition, production slowed on lower builder confidence.

New home sales were at a seasonally adjusted annual rate of 590,000, a decrease of 8.1% compared with May and down 17.4% compared with June 2021, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

The median sales price for a

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