The U.S. Census Bureau and the Department of Housing and Urban Development report that sales of new single-family homes were down 2 percent in February from sales in January. The good news is that sales remain above pre-pandemic levels.
Analysts cited shortages in building materials and labor as primary reasons for February’s decline.
Rising home prices and rising mortgage rates may cool demand, leaving many out of the housing market altogether, but when this might occur is anybody’s guess.
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