US New-Home Sales Fell in August as Buyers Awaited Lower Rates
- Contract signings dropped 4.7% after sharp July advance
- Number of completed homes sold jumped near highest since 2006
Mortgage rates are at the lowest level in two years, driven down by expectations of a series of Federal Reserve interest-rate cuts.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Sales of new homes in the US pulled back in August after a sharp increase in the prior month, as buyers remained patient amid steadily declining mortgage rates.
New single-family home sales decreased 4.7% last month to an annualized rate of 716,000 after rising at the fastest pace since early 2022, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 700,000 pace.