New home sales slump in January amid elevated mortgage rates

New home sales fell 10.5% in January to a three-month low of 657,000 units, as high mortgage rates, record prices, and severe winter weather kept buyers away.

Mortgage rates remained above 7%, discouraging purchases despite incentives from builders.

Analysts expect sales to rebound in February with improved weather, but concerns persist over mortgage rate volatility.

The median new home price rose to $446,300, adding to affordability challenges, Yahoo Finance has reported.

Homebuilders remain hopeful for a stronger spring selling season if rates stabilize.

read more: https://finance.yahoo.com/news/new-home-sales-slump-in-january-amid-elevated-mortgage-rates-severe-weather-164721449.html

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