Housing Market Prices SKYROCKET and Home Sales TANK

Fewer people are buying newly built homes, even though prices are going down and more homes are for sale. In June, only a small number of new homes were sold, and that number was lower than last year. The average price for a new home dropped to about $401,800 because builders are making smaller, cheaper homes. There are now more new homes sitting on the market than at any time this past year, giving buyers more choices and less competition. Still, many people aren't buying because mortgage rates are high and homes are still too expensive for their income. Some sellers are taking their homes off the market instead of lowering prices. Although some builders offer deals to make monthly payments more affordable, they are not helping enough. Unless mortgage rates drop or people start making more money, home sales are likely to stay low.
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