Home sales rise

National News

September 25, 2019 - 10:43 AM

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.

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