New home sales drop as inventory surges

Rush Hour

(NewsNation) — The red hot housing market is starting to cool off. Buyers and sellers are now facing a different real estate landscape.

Prices are dropping in some parts of the country, with homes now taking longer to sell in some instances. Meanwhile, mortgage rates remain high.

Last month, sales of new homes dropped nearly 13%, the U.S. Census Bureau reports. Still, this isn’t necessarily a sign that buying a home right now has become any more affordable.

The home median price last month was $439,400, according to the U.S. Census Bureau. That’s an increase of more than $35,000 when compared to June’s home median price.

In the video above, Finance Professor at the University of San Diego, Dan Roccato, breaks down the numbers and explains why he thinks it’s the best time to buy in months.

© 1998 - 2022 Nexstar Media Inc. | All Rights Reserved.

Trending on NewsNation

Elections 2022

More Elections 2022