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In the final month before the global pandemic shook the world, the economy and the housing market, new home sales in the U.S. were sitting comfortably near record highs. Despite a 4.4 percent decline in February, sales of newly built homes remained at their second highest rate in 12-years, dropping from January’s record high.
According to U.S. Department of Commerce, there were 765,000 homes sold by builders at a seasonally adjusted annual rate last month. The supply of newly built homes remains tight, giving builders hope that demand will still remain high as those continuing to look for homes will clamor over the few available. In a report published by Wells Fargo, economists believe that any downturn in the housing market in the coming months will be short-lived.
Experts anticipate that when March homes sales figures are published next month, there will be a sharp decline.
Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 3.625 percent and 15-year rates are near 3.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.