US New-Home Sales Surge to Highest Level Since May 2023
- Contract signings jumped to 739,000 in July in broad advance
- Inventory fell somewhat but still near the highest since 2008
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New-home sales in the US bounced back to the highest level since May 2023 as buyers took advantage of lower mortgage rates and more listings to choose from.
Contract signings on new single-family homes increased 10.6% last month to a 739,000 annual rate, reflecting gains in all four major regions, government data Friday showed. The pace beat all estimates in a Bloomberg survey of economists.