Economic news

US new home sales rise to highest level in more than a year

2024.08.23 10:40

(Reuters) – Sales of new U.S. single-family homes rose more than expected in July as a drop in mortgage rates boosted demand, offering more evidence that the housing market is recovering.

New home sales jumped 10.6% to a seasonally adjusted annual rate of 739,000 units last month, the Commerce Department’s Census Bureau said on Friday.

The sales pace for June was revised higher to 668,000 units from a previously reported 617,000 units.

Economists polled by Reuters had forecast new home sales, which account for more than 10% of U.S. home sales, to edge up to a rate of 625,000 units.

New home sales are counted at the signing of a contract. They, however, can be volatile on a month-to-month basis. Sales increased 5.6% on a year-on-year basis in July.

The average rate on a 30-year fixed-rate mortgage was 6.46% this week, the lowest since May 2023, and more than half a percentage point lower than the same time last year, data from mortgage finance agency Freddie Mac showed.

© Reuters. FILE PHOTO: A

It has eased from a six-month high of 7.22% in early May amid signals from the Federal Reserve that it will deliver a long-awaited interest rate cut in September. That could help to stimulate sales in the future.

Other housing data has been mixed. U.S. existing home sales rose more than expected in July, reversing a four-month decline. However, single-family housing starts dropped to a 16-month low in July, likely weighed down by Hurricane Beryl while permits for future construction also edged down.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 75,887.33 1.80%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,837.70 7.15%
tether
Tether (USDT) $ 1.00 0.02%
solana
Solana (SOL) $ 191.61 3.23%
bnb
BNB (BNB) $ 596.77 2.12%
usd-coin
USDC (USDC) $ 1.00 0.10%
xrp
XRP (XRP) $ 0.549594 3.18%
dogecoin
Dogecoin (DOGE) $ 0.193396 1.47%
staked-ether
Lido Staked Ether (STETH) $ 2,837.33 7.17%
cardano
Cardano (ADA) $ 0.389019 9.77%
tron
TRON (TRX) $ 0.1603 2.04%
the-open-network
Toncoin (TON) $ 4.90 4.50%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,352.91 6.94%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 2.45%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,812.31 1.81%
avalanche-2
Avalanche (AVAX) $ 27.21 3.73%
weth
WETH (WETH) $ 2,834.95 6.99%
chainlink
Chainlink (LINK) $ 12.41 4.42%
bitcoin-cash
Bitcoin Cash (BCH) $ 380.69 3.01%
sui
Sui (SUI) $ 2.33 3.31%
polkadot
Polkadot (DOT) $ 4.14 2.18%
leo-token
LEO Token (LEO) $ 6.24 0.20%
usds
USDS (USDS) $ 0.988114 1.57%
uniswap
Uniswap (UNI) $ 9.08 2.43%
litecoin
Litecoin (LTC) $ 71.31 2.05%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,986.24 7.31%
near
NEAR Protocol (NEAR) $ 4.21 3.23%
aptos
Aptos (APT) $ 9.75 5.66%
pepe
Pepe (PEPE) $ 0.00001 12.59%
bittensor
Bittensor (TAO) $ 516.48 0.17%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 2.54%
internet-computer
Internet Computer (ICP) $ 7.74 1.44%
dai
Dai (DAI) $ 1.00 0.05%
monero
Monero (XMR) $ 164.34 0.99%
ethereum-classic
Ethereum Classic (ETC) $ 19.91 4.19%
kaspa
Kaspa (KAS) $ 0.118363 0.86%
stellar
Stellar (XLM) $ 0.099382 3.36%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
whitebit
WhiteBIT Coin (WBT) $ 19.29 0.04%
aave
Aave (AAVE) $ 184.28 11.40%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.343288 5.46%
blockstack
Stacks (STX) $ 1.68 1.87%
okb
OKB (OKB) $ 40.03 2.29%
crypto-com-chain
Cronos (CRO) $ 0.087577 3.15%
dogwifcoin
dogwifhat (WIF) $ 2.36 2.13%
first-digital-usd
First Digital USD (FDUSD) $ 0.997334 0.53%
arbitrum
Arbitrum (ARB) $ 0.572903 9.20%
filecoin
Filecoin (FIL) $ 3.76 4.30%
mantle
Mantle (MNT) $ 0.650928 10.70%