Read previewNew-home sales rebounded in December, rising 8% as homebuyers rushed to take advantage of falling mortgage rates, US Census Bureau data shows.
But while consumers appear eager to re-engage with the housing market, new purchases don't mean an immediate move-in for some.
This decline from 8% peak levels in October was spurred by bets that the Federal Reserve would start cutting interest rates.
Of that, new homes took on a bigger share of the inventory, as high mortgage rates kept homeowners from selling.
Still, NAHB's CEO Jim Tobin separately expects construction and demand to take off in 2024, once consumers realize ultra-low mortgage rates aren't coming back.
Persons:
—, homebuyers, Skillington, Jim Tobin
Organizations:
Service, Business, Federal Reserve, National Association of Homebuilders