U.S. New-Home Sales Decline to Lowest Level Since January
High mortgage rates and elevated prices kept buyers on the sidelines as the median new house price slipped 0.9% to $393,800, the Census Bureau said.
- On Tuesday, the Commerce Department's Census Bureau reported that sales of new U.S. single-family homes dropped 10.5% in July to a seasonally adjusted annual rate of 607,000 units.
- High borrowing costs remain a key factor keeping the housing market in a downward state, with the Mortgage Bankers Association reporting the 30-year fixed-rate mortgage contract rate held at 6.77% in the week ended August 14.
- Sales in the South slumped 13% to an annualized 383,000, while the median sales price fell 0.9% from a year earlier to $393,800.
- Builders have grown cautious about issuing new housing permits, as the supply of new homes for sale decreased 1.6% to 488,000, representing 9.6 months of inventory at the current sales rate.
- Contract signings rose in the West and Northeast, though inflation-wariness among Federal Reserve officials constrains the broader market, with data due on Wednesday expected to show inflation moderating for a second month.
11 Articles
11 Articles
According to the Department of Commerce Census Bureau report, housing prices fell by 0.9% in July.
The sales of new homes in the United States totaled 607,000 in July, representing a decrease of 10.5% over the previous month, according to data released this Tuesday (25) by the Census Bureau. The decrease was much more expressive than the average estimate of 2.1% of the decrease of a group of market economists. In relation to the same period last year, there was a retraction of 6.3%. Last month, the average selling price was US$ 508.8 thousand…
New US single-family home sales slide in July
By Dan Burns Aug 25 (Reuters) - Sales of new U.S. single-family homes tumbled in July as high mortgage rates and prices weighed on the market and continued to sideline potential home buyers. New home sales dropped 10.5% to a seasonally adjusted annual...
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