New Home Sales Down for Month, Up for Year
New home sales in the U.S. declined in August but increased on an annual basis, exceeding forecasts (MarketWatch).
What’s going on: “Sales of newly built homes in the U.S. fell 4.7% to an annual rate of 716,000 in August, from a revised 751,000 in the prior month, the Commerce Department reported Wednesday.”
- Sales fell 4.7% month on month, but they jumped 9.8% from August 2023.
- Economists surveyed by Dow Jones Newswires and the Wall Street Journal had forecast sales to come in at 700,000.
Prices: The median cost of a new home last month was $420,600, down from $439,950 in July.
