National Association of Home Builders (NAHB)

New-home sales from January through July rose 2.6% compared to the first seven months of 2023

Matching a summer decline in sentiment, builders continue to grapple with high construction and development costs

Low affordability causing buyers to hesitate has led more builders to cut prices so as to bolster sales

Average effective rates on loans for land acquisition and speculative single-family construction were the highest they’ve been since 2018.

Census data for Q1 2024 indicates decreases in homeownership rate for people under 35 and over 65

But, industry experts say sales data obscure still-strong demand for new construction.