US Housing Market , Sees Sales of New Homes , Plummet in Several States.<br />'Newsweek' reports that sales of new homes <br />across the Northeast and Midwest plummeted <br />in February, dragging the overall housing <br />market down across the country.<br />The news comes at a time when elevated <br />mortgage rates have already dissuaded <br />many buyers from purchasing property.<br />In the Northeast, sales of single-family <br />homes dropped 31.5%, while the Midwest <br />saw a more modest decline of 2.4%. .<br />Sales in the South and West saw <br />positive increases, with 3.7% and 2.3%, <br />respectively for the month.<br />Sales in the South and West saw <br />positive increases, with 3.7% and 2.3%, <br />respectively for the month.<br />According to analysts, <br />the disappointing numbers <br />are the result of high mortgage rates.<br />Rising mortgage <br />rates subdued <br />activity in February, Yelena Maleyev, senior economist for KPMG, via 'Newsweek'.<br />As a result of high mortgage rates, homebuyers <br />remain reluctant despite lower prices, which <br />dropped to their lowest level since June 2021. .<br />As a result of high mortgage rates, homebuyers <br />remain reluctant despite lower prices, which <br />dropped to their lowest level since June 2021. .<br />According to government data, the median <br />sale price for a single-family home fell by <br />over $14,000 to reach around $400,000. .<br />Sales were spurred by a rise <br />in inventory, as 1.07 million <br />homes were available for sale <br />at the end of the month, Yelena Maleyev, senior economist for KPMG, via 'Newsweek'.<br />The rise in inventories was not <br />enough to offset the upward <br />pressure on existing home values; <br />the median sales price rose <br />to $384,500, the highest <br />since November 2023, Yelena Maleyev, senior economist for KPMG, via 'Newsweek'
