Buyers Looking to , New Homes and Cheaper , Housing Markets.
Despite record mortgage rates, Americans continue to purchase new homes.
According to the 'Wall Street Journal' and Realtor.com, the Midwest offers prospective homeowners the most affordable possibilities.
The Emerging Housing Markets Index report, released on October 25, says high mortgage rates have kept many homeowners from selling, suppressing the sales market.
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However, buyers have instead been looking to find newly constructed homes, creating a situation that benefits builders.
It helps that builders can be a little bit more flexible in the terms that they can offer buyers.
You know, they can pay points to help lower the mortgage rate that buyers of new constructions are getting, Danielle Hale, Chief economist at Realtor.com, via 'Newsweek'.
Builders don't have any emotional skin in the game.
They're just trying to price for what will get the deal done, Danielle Hale, Chief economist at Realtor.com, via 'Newsweek'.
Data from the Census Bureau and the Department of Housing and Urban Development suggest that sales of new single-family homes surged in September.
Sales were up over 12% compared with August, reaching 759,000, which is almost 34% higher than the same time in 2022, exceeding analyst expectations.
According to Danielle Hale, chief economist at Realtor.com, the top five of the top 20 markets are in state capitals.
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Prospective buyers looking to find affordable homes can also reportedly look to places like Elkhart-Goshen, Indiana, Springfield, Ohio, and Jefferson City, Missouri.
Prospective buyers looking to find affordable homes can also reportedly look to places like Elkhart-Goshen, Indiana, Springfield, Ohio, and Jefferson City, Missouri.
Prospective buyers looking to find affordable homes can also reportedly look to places like Elkhart-Goshen, Indiana, Springfield, Ohio, and Jefferson City, Missouri
