US new home sales plunge for sixth straight month to lowest level since 2016
Tuesday, August 23, 2022 | Tag Cloud Tags: housing, recession, Worthy News | Learn about our FREE SYNDICATION Service | Sign up for our Worthy Briefs! | Printer Friendly
(Worthy News) – Sales of new U.S. homes plunged more than expected in July to the lowest level in six years as rising mortgage rates and the relentless increase in home values slowed activity by edging prospective homebuyers out of the market.
New single-family home purchases tumbled 12.6% to a seasonally adjusted annual rate of 511,000 units, the Commerce Department reported on Tuesday. It marked the sixth consecutive month of declines. Economists surveyed by Refinitiv expected new home sales – which account for a small percentage of total sales – to fall 2.5% last month.
On an annual basis, new home sales are down 29.6%. [ Source: Fox News (Read More…) ]
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