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  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
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    5524 Pennington Place

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Higher Mortgage Rates Prompt Pause in New-Home Sales in July

 WASHINGTON, Aug. 23 – Sales of newly built, single-family homes declined 13.4 percent to a seasonally adjusted annual rate of 394,000 units in July as higher mortgage rates prompted a temporary pause in buying activity, according to newly released data from HUD and the U.S. Census Bureau.  

 “The drop-off in sales in July is in part a reflection of buyers’ reaction to the recent uptick in mortgage rates as people reassess their budgets to determine how much house they can afford,” said Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “Consumers just need a little time to adjust to the new parameters of the market.”

 “New-home sales figures refer to newly signed contracts to purchase a home, rather than a completed sale, and it’s likely that the higher rates caused some buyers to delay putting pen to paper,” explained NAHB Chief Economist David Crowe. “However, there is still a great deal of pent-up demand for homes in markets nationwide, and builders continue to report improving consumer interest. This suggests that what we’re seeing is a temporary pause, and that buyers will return to the market once they are confident that the higher mortgage rates are here to stay.”

 Every region recorded lower new-home sales in July, with declines of 5.7 percent, 12.9 percent, 13.4 percent and 16.1 percent reported for the Northeast, Midwest, South and West, respectively. Meanwhile, the inventory of new homes for sale edged up to 171,000 units in July, which is a 5.2 month supply at the current sales pace. 

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This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Hampton Roads area and his expertise in the local real estate market.  You can reach John by phone at 757-254-8136 or email John@MrWilliamsburg.com

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