America’s New Home Sales Plummet to Weakest Rate in Years
Summary
Sales of new homes in the U.S. have dropped to their lowest level in nearly ten years, despite lower home prices. High mortgage rates and fewer young people forming new households are making it harder for buyers to enter the housing market.Key Facts
- New home sales rose slightly by 1.6% in June but are still 5.6% lower than in June 2025.
- The annual rate of new home sales in June was 628,000, the slowest since 2017.
- Median home prices fell 2.7% to $398,300, and average prices dropped 6.5% compared to last year.
- Mortgage rates reached 6.55%, the highest in 11 months, reducing buyer interest.
- Nearly half of adults under 30 live with their parents, which has increased by 12 points since 2019.
- Many young adults receive financial help from others to cover living costs, delaying home purchases.
- The average age of first-time homebuyers hit 40, a record high.
- Reduced household formation—people setting up new homes—leads to fewer home sales overall.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
