Home Sales Surge

The housing market shows little sign of fatigue while mortgage rates remain near record lows

July new home sales jumped 6.7%, more than expected, to a new record 1.017 million unit annual pace. The June data was revised down to a 2.6% decline, from a previous 0.5% gain, to a 953,000 unit pace. New home sales rose 16.0 in the Midwest and 10.1% in the South. New home sales contracted 9.1% in the Northeast and were essentially unchanged in the West.

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