New-home sales fell sharply in July as affordability stayed strained
U.S. new-home sales fell 10.5% in July as inventory rose to 9.6 months of supply, but mortgage rates near 6.66% limited the benefit of lower prices.
Housing Inventory
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June housing-affordability reading leaves buyers a narrow cushion
The national housing-affordability index fell to 102.3 in June, leaving median-income buyers a narrow cushion as prices and mortgage rates remain elevated.