New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again
Redfin counted 58% more sellers than buyers in August, but national home prices still increased as equity-rich owners resisted steep discounts
Single-family construction rebounded in August, but falling permits, fewer completions, and widespread builder incentives point to a tougher fight for the purchase loans those homes eventually produce
Pending sales fell to a six-month low as inventory increased, giving originators more room to use seller concessions to make difficult purchase deals work
Economists argue that permanent buydowns allow buyers to qualify for higher-price homes at lower rates, thus increasing buying power and allowing builders to sell more homes without having to cut prices
More sellers both giving out concessions and getting less than their asking price to move their homes