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US New Home Sales Jump to Eight-Month High in August
Buyers used builder discounts and incentives as the median new-home price fell 5.8% from a year earlier, the Census Bureau said.
- On Thursday, the Commerce Department's Census Bureau reported single-family home sales rose 6.4% in August to a seasonally adjusted annual rate of 684,000 units, reaching an eight-month high.
- Builders leaned on price cuts and incentives to attract buyers as rising mortgage rates pressured demand; the average 30-year fixed-rate mortgage averaged 6.95% last week, data from mortgage finance firm Freddie Mac showed.
- Sales soared 84.9% in the Midwest and rose 6.9% in the South, while plummeting 36.1% in the Northeast and 15.2% in the West; the average sales price fell 9.1% month-on-month to $478,700.
- Inventory of unsold new homes remained large at 483,000 units, representing 8.5 months of supply at the current sales pace, which could constrain builders' ability to break ground on new projects.
- A National Association of Home Builders survey last week showed expectations for home sales over the next six months deteriorated considerably in Sept, suggesting builders may continue offering incentives to sustain demand.
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New York PostReposted by 
online-listing.com
online-listing.comNew home sales jump to 8-month high as buyers are lured by price cuts
Sales of new US single-family homes surged to an eight-month high in August as buyers took advantage of price cuts and other incentives, but rising mortgage rates stemming from the war in the Middle East remain a drag on the housing market.
·New York, United States
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Total News Sources20
Leaning Left0Leaning Right4Center4Last UpdatedBias Distribution50% Center, 50% Right
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
50% Right
C 50%
R 50%
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