Economics
Sales of New Homes in U.S. Probably Fell as Tax Credit Expired
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Purchases of new U.S. houses plunged in May by the most in 16 years after a tax credit expired, economists said before a report today.
New-home sales, tabulated on contract signings, fell 19 percent to an annual pace of 410,000 last month, according to the median estimate of 76 economists surveyed by Bloomberg News. In order to qualify for a government incentive worth up to $8,000, a purchase agreement had to be signed by April 30.