Buyer Cancellation Rates Surge for New Homes

Selling Real Estate
Homebuilder cancellation rates for October surged to 26% compared with only a 7.9% cancellation rate one year ago according to John Burns Real Estate Consulting. Because the Census Bureau doesn’t account for these cancellations, the “sales” numbers of new home construction in the US are likely overstated.

According to the Census Bureau, the number of new single family homes for sale in the US was 470k this October, the highest levels since March 2008. The supply of unsold houses was 8.9 months: a 5% dip from September but a 29% increase from one year ago. New single family home sales fell by 5.8% from October 2021 and beat expectations (632k actual vs. 570k expected on an annualized basis). In today’s video, I take a deep dive into these trends and others that were reported by the US Census Bureau on 11/23/22.

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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.6% for the current mortgage rates (at the time of filming this video for borrowers with exceptional credit).

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My Housing Market Predictions for 2022:

Compilation of Housing Market Forecast videos:

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty One Group in California under DRE 01923240.

#homebuilders #housingmarket #newhomes

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