New Home Sales Increase 3.5% in June 2023 Amid Affordability Issues

New home sales in the U.S. rose 3.5% in June 2023, totaling 697,000 units on an annualized basis. The median sales price for new homes was $415,400, while the affordability challenges continue to impact potential buyers. These figures indicate a recovering housing market, but high prices and elevated mortgage rates are constraining some buyers' ability to purchase. This matters for investors as the state of home sales can influence housing market trends and economic indicators.