US New-Home Sales Fall to Five-Month Low Amid Elevated Rates
- Purchases fell 8.7% in August, largest drop in nearly a year
- Separate report Tuesday showed prices rose to record in July
The number of homes sold in August and awaiting the start of construction ticked higher.
Photographer: Rebecca Noble/BloombergThis article is for subscribers only.
US new-home sales fell in August to a five-month low as still-high prices and historically elevated mortgage rates took a toll on the housing market.
Purchases of new single-family homes fell 8.7% to a 675,000 annualized pace following an upward revision to July’s figures, government data showed Tuesday, marking the largest drop in nearly a year. The median estimate in a Bloomberg survey of economists called for a 698,000 pace.