Builders’ Low Confidence, Rising Mortgage Rates Take Toll on Home Sales – Pasadena Weekendr

Rising mortgage rates and builder confidence issues are impacting home sales, leading to an increase in price cuts and sales incentives. Despite this, home prices continue to rise due to reduced inventory. In California, new home sales increased in September, despite high mortgage rates. However, affordability remains a challenge, with the median sales price of new homes dipping. The housing market is also affected by higher rates impacting homebuyer demand.