Homebuilders are facing poor sales despite a significant rise in available inventory, with homes reaching 511,000 in June. The months of supply is at 9.8, the highest since November 2022. New home sales were lower than expected, while the median price dropped to $401,800. The South saw a monthly sales increase, yet overall sales declined by 5.1% compared to last year. Economic uncertainty and high prices have dampened consumer and builder confidence, reminiscent of past financial crises.
The poor sales numbers for homebuilders persist despite an increase in inventory, with homes for sale reaching 511,000 in June, marking the highest level in a year.
New home sales in June fell short of expectations, with a notable drop of 5.1% compared to last year, although the South showed a rebound in sales.
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