Home buyers are focusing more on New Homes as Price gap narrows between New Homes Vs Existing Homes

Home buyers are turning to new home construction because home builders are typically more flexible with pricing. Homebuilders offer buyers incentives such as rate buy-downs and price cuts. Some Homebuilders can even pay for buyers closing costs.
While new homes are still sold for slightly more than existing homes, the price gap has significantly narrowed since the fall.
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HUD Makes $10 Million Available for Homebuyers

(HUD) Office of Housing Counseling announced a $10 million grant funding, the funds will be available for eligible HUD-approved housing counseling agencies. The funds will be used to prepare and equip prospective homebuyers to navigate the homebuying process.

The funding will also help the agencies to increase homeownership rates among historically underserved communities.

Closing date April 9, more info grants.gov.
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Home sales were up in February

Home sales were up 9.5% last month to a seasonally adjusted annual rate of 4.38 million units, the highest level since February 2023, the National Association of Realtors said on Thursday. The monthly increase in sales was also the largest since February 2023. Some Economists had forecast home resales would fall to a rate of 3.94 million.
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