Sales Of New Homes Increased Despite Rising Mortgage Rates

new home sales

Americans reacted to higher home loan rates by snapping up new homes in February at the quickest pace since July. New home sales increased 6.1 percent month-over-month to an occasionally balanced yearly rate of 592,000, according to the Commerce Department. That sales pace is almost 13 percent higher than February of a year ago, a favorable indication for the housing market that demand is strong towards the beginning of the spring home buying season. An improved job growth and a recovering economy have pushed up enthusiasm for new homes, while the possibility of rising home loan rates since the November presidential race may…

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