Metro Atlanta homebuyers seeking out new construction during sluggish season
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Homebuyers continue to seek out new construction homes over existing houses in what's looking like another year of sluggish home sales nationwide, according to a recent CoreLogic report.
Why it matters: As homeowners shy away from moving, some shoppers have sought more options or better deals on new construction, particularly in the Sun Belt.
- Although that juiced new home sales in 2023, the houses represent a relatively small part of the overall market.
- New U.S. home sales fell 7.7% in April from a year earlier, per census data.
The big picture: Elevated mortgage rates are dampening the appeal, and affordability of home buying for many.
- Pending sales of existing U.S. homes plunged in April to lows not seen since the pandemic shutdowns, Axios' Courtenay Brown reports.
That's tough news for people listing their homes in June, when researchers say sellers could make the most profit.
What they're saying: "There is no real indication of widespread price drops or a substantial decline in interest rates," CoreLogic economist Thomas Malone wrote in the report, noting that strong rental demand could spur more investor home purchases.