U.S. new home sales jumped 7.1% in August, as low mortgage rates pull buyers into the housing market.
The Commerce Department said today new homes sales increased to a seasonally adjusted annual rate of 713,000, up from a revised 666,000 in July. So far this year, sales have risen a healthy 6.4%.
Trade tensions and slower economic growth have pushed down interest rates, helping homebuyers for the moment. But new construction has yet to meet the demand from likely buyers, so the sales gains could translate into higher prices.
Stay connected to the stories and events that make your community a special place to call home.
Subscriptions start at $14.90/month.View subscription options
- Unmatched coverage of Allen County’s local news and sports, a tradition dating back to 1867
- Compelling portraits of our residents, experienced reporting and thoughtful analysis
- Unlimited online access to iolaregister.com and our archives