New home sales increased 1.1% in February, marking a slow but steady rise since last summer. NAFCU Chief Economist Curt Long issued the following insights:
"New home sales grew modestly in February, remaining on a steady upward path since last summer. That is a stark contrast with the existing homes market, which ended a 12-month string of sales declines last month. While existing home inventory remains extremely tight, the supply of new homes is strong and improving. Although the number of total new homes for sale is down 5 percent over the past six months, the number of completed homes for sale is up by 57 percent during that time as construction supply chains heal. Homebuilder sentiment has increased in each of the first three months of 2023 after declining every month in 2022. NAFCU believes the housing market has bottomed out and expects a modest recovery over the remainder of 2023."
- NAFCU Chief Economist and Vice President of Research Curt Long
Author: Mike Lawson
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.