Real Estate & Home

New-Home Sales Tumble in May as Mortgage Rates Remain High

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New-home sales in the U.S. plummeted by 7.3% in May, with mortgage rates remaining high at around 6%, deterring potential buyers despite rising prices. This trend matters to developers and tech professionals as it signals a cooling market for new construction, potentially shifting focus towards existing home sales which saw an uptick due to first-time buyer activity. Developers should monitor the housing starts data to gauge future demand trends.

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