NAHB CEO Notes Existing Homes Priced Higher Than New Builds Amid 6% Mortgage Rates
Jim Tobin of the National Association of Home Builders highlights the unusual market trend where existing homes cost more than new ones, as buyers adjust to sustained 6% mortgage rates.
Summary
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Terms & Concepts
National Association of Home Builders (NAHB): A U.S.-based trade association representing the home construction industry, advocating for policies and providing market research.
Mortgage Rate: The interest rate charged by lenders on home loans, influencing overall housing affordability.
Existing Home: A previously owned residential property, as opposed to newly constructed homes.