U.S. Housing Market Mixed: National New Home Sales Drop, Ascension Parish Rises

Zillow reported that new home sales in June slipped to a seasonally adjusted annual rate of 628,000, 5.6% below a year earlier and the weakest pace in nine years. Senior economist Orphe Divounguy said weak household formation driven by higher mortgage rates, a soft labor market and sticky inflation is curbing buyer activity, leaving a large inventory of completed and under‑construction homes and prompting many builders to sit out new projects.

In contrast, Ascension Parish, Louisiana, saw a stronger local market in June. Buyers closed on 160 homes, a 15.1% increase year‑over‑year, while new listings rose 15.2% to 205. The median sales price climbed to $313,012 and the inventory rose to a 4.1‑month supply. The regional momentum mirrors a modest national uptick in existing‑home sales, which rose 3.2% and pushed the median price to a record $429,300.