New home sales fueled by first-time buyers and low existing inventory, despite higher mortgage rates; MBA's survey indicates 702,000 units sold at peak pace in three months.
Homebuyers are turning to newly built single-family homes as overall inventory sits at an all-time low.
2022 posts 3% YOY decline, the first overall drop since 2009.
NAHB says the percentage offering deals remains below 2008 levels.
Twenty-nine percent of U.S. single-family homes for sale in the third quarter were new construction — a record high.
Organization says nearly 1 in 5 construction workers battle addiction.
Construction of single-family homes decreased 3.1% in June from May.
