New Home Sales Hit Seven Year Low

New Home Sales Hit Seven Year Low

The U.S. Census Bureau and the Department of Housing and Urban Development announced recently that sales of new, single-family homes in August dipped 8.3 percent compared to July's numbers.

Despite favorable pricing and interest rates, many consumers remain sidelined as tighter credit and difficulty selling their current homes prohibit them from purchasing a new property, so the decline in new home sales doesn't come as a surprise.

Prices of new homes are at their most attractive levels in years.  Over time, housing inventories will burn off, pricing will solidify and homebuyers will begin to build more homes.  Until then, the buyer is in the driver's seat.