U.S. new home sales fall in August but trend still positive

New U.S. single-family home sales posted their biggest decline in nearly a year in August after soaring to nine-year highs the month before, with analysts saying the trend in sales remains positive. The Commerce Department said on Monday new home sales fell 7.6 percent to a seasonally adjusted annual rate of 609,000 units last month. Sales were up 20.6 percent from a year ago. Economists polled by Reuters had forecast single-family home sales falling to an annualized rate of 600,000 units last month. July’s sales pace was revised up 5,000 units to 659,000 units. That level of annualized sales was the highest since October 2007, and even with the decline, the sales pace in August was the second highest since 2008.

READ MORE

Leave a Reply