In May, new home sales in the U.S. tumbled by 13.7%, signaling a significant slowdown in the housing market. The decline was primarily driven by a 21% drop in the South, while the Northeast stood out with an increase in sales. With approximately 507,000 new homes available for sale and a supply period extending to 9.8 months, many experts are raising concerns. The housing market appears to have shifted from a seller's market to a buyer's market, as potential homebuyers express reluctance to purchase amid rising interest rates and other factors.
New home sales fell 13.7% in May, highlighting the housing market's stagnation as buyers remain hesitant and sellers struggle to sell their properties.
Despite an increase in housing supply, the housing market shows a notable shift to a buyers market with sales declining sharply, particularly in the South.
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