- New home sales in the U.S. increased by 10.6% in July to 739,000 units.
- Year-over-year, new home sales rose by 5.6%.
- June figures were revised upward to 668,000 new homes sold.
Washington, August 23 (FFN) – Sales of new single-family homes in the U.S. reached the highest level in over a year in July, driven by a decline in mortgage rates, which boosted demand, signaling a recovery in the housing market.
According to a report by Reuters, the U.S. Census Bureau reported that new home sales in July 2024 increased by 10.6% month-over-month to a seasonally adjusted annual rate of 739,000 units. This increase significantly surpassed economists’ expectations, who had predicted sales to rise to around 625,000 units. Year-over-year, sales in July rose by 5.6%.
The data for June was also revised upward, showing 668,000 new homes sold, up from the initially reported 617,000.
| Month | New Home Sales (Units) | Change (%) |
|---|---|---|
| June 2024 | 668,000 | Revised Up |
| July 2024 | 739,000 | +10.6% |
Other data from the housing market presents a mixed picture. Existing home sales in the U.S. rose more than expected in July, reversing a four-month decline. However, the number of single-family home starts in July fell to a 16-month low, likely impacted by Hurricane Beryl, and the number of building permits for future construction also decreased.
Keywords: USA, home sales, mortgage rates, housing market, home construction
