PHM - US Housing Market Resilience: New Home Sales Accelerate Despite Rising Rates | Benzinga
The U.S. saw a significant surge in new home sales in September, reaching speeds not seen since early 2022, indicating continued demand for homes despite rising mortgage rates.
According to a Bloomberg report, purchases of new single-family homes rose by 12.3% to an annualized pace of 759,000 last month. This figure surpassed all predictions in a Bloomberg survey of economists.
The new home market has remained stable in the face of soaring mortgage rates and high housing prices. Despite the risk of pushing potential buyers away, the scarcity of listings in the resale market has bolstered the demand for new construction.
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New home inventory reached its highest level since February. Homebuilders have been using financial incentives to attract buyers. PulteGroup Inc. (NYSE:PHM), a homebuilder, has responded by adjusting its product, pricing, and incentive programs to address affordability concerns, according to CEO ...