Real Estate

New home sales fall in August


New home sales in August fell short of expectations

Sales of newly built homes fell 8.7% in August from July to a seasonally adjusted annualized pace of 675,000 units, according to the U.S. Census Bureau.

That is the slowest pace since March. Sales were still 5.8% higher than August 2022.

The Census count is based on signed contracts during the month, and mortgage rates took a sharp jump higher. The average rate on the popular 30-year fixed loan ended July at 7.04%, according to Mortgage News Daily. By Aug. 22, it was at 7.48%.

“Very stretched affordability means demand will be unable to recover in the near term, causing new home sales to fall back from 675,000 annualized in August to 600,000 annualized by the end of the year,” wrote Imogen…


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