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Recent data shows that new home construction has slowed down due to high mortgage rates, making it more difficult for potential buyers to afford a new home.
With interest rates on the rise, many buyers are being forced to put their home buying plans on hold, leading to a decrease in the demand for new construction.
Industry experts are hopeful that as mortgage rates begin to stabilize, the housing market will see an increase in new construction projects and a resurgence in home buying activity.
