Sales of newly built, single-family homes fell 4.7% from July to August, according to data from the U.S. Census Bureau.
August saw a seasonally adjusted annual rate of 716,000 new home sales, down from July’s revised estimate of 751,000 new home sales.
Despite August’s downturn, new home sales were up 4% on a year-to-date basis through August.
“Builder sentiment and future sales expectations are improving as the Federal Reserve begins a credit easing cycle,” National Association of Home Builders Chairman Carl Harris said in a statement. “However, due to the mortgage interest lock-in effect, declining interest rates will mean rising existing home inventories and some additional new competition for home builders.”
Read the full report here.
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