In many parts of the U.S., sales of new homes continued to have a downward trend in February, falling .6 percent from January. This, according to an article published by CNBC, is the third month in a row that the sales of new homes dropped.
In the article, the details of regional new home sales were provided. Bringing the U.S. average down were the Midwest with a 3.7 percent decrease in sales as well as the west, with a drop of almost 18 percent. The south and northeast regions of the U.S., however, saw increases in new home sales of 19.4 percent and 9 percent respectively.
An overall slow-down in sales is being attributed to a shortage of homes, specifically lower priced homes. As a result, the prices are being driven up, the median price of new homes is up almost 10 percent from last year. Couple this with rising mortgage interest rates, many first time homebuyers may have a difficult time entering the real estate market.
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