New U.S. home listings declined 1.7% in late June, reaching the lowest level since February, due to soft buyer demand and elevated mortgage rates. Mortgage rates averaged 6.47%, limiting sellers who hold low-rate pandemic loans from trading up. Active inventory also fell 0.4%. Despite challenges, buyer demand remains resilient, with pending sales rising 4.2% year-over-year, especially in the Northeast and Midwest.
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