Tag Archives: Homebuilders build momentum as existing home sales fall

Disappointment seemed to flood the housing industry upon Monday’s existing-home sales report for June, which revealed total existing-home sales fell from May. Many analysts saw this as a smaller piece of a bigger picture that rising interest rates are deterring potential homebuyers from entering into the market. However, custom home builders should have slept easy last night, as the drop in existing-home sales actually supports a positive housing outlook for them. The primary competitor to public homebuilders is existing-homes for sale, Sterne Agee analyst Jay McCanless told HousingWire. The lack […]