New Single Family Home Salesby
Thursday, Sept. 29, 10 a.m.
New homes likely sold at an annual rate of 650,000 in August, say the MMS economists. That decline is suggested by the 2.7% drop in single-family housing starts in the month. Home sales jumped 8.3% in July, to a 664,000 pace, but higher interest rates, especially for adjustable-rate mortgages, are beginning to crimp the housing upturn. Sales peaked in the fourth quarter of 1993.