US new-home sales fell in August after upward revision
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US new single-family home sales decreased 4.7% in August 2024 to an annualised rate of 716,000; this follows the fastest sales pace since early 2022. The median sales price fell 4.6% to US$420,600, marking the seventh consecutive month of year-over-year price declines. Despite the sales drop, mortgage rates are at a two-year low, boosting market sentiment. The share of consumers planning to buy a home in the next six months reached a one-year high in September. Builders like Lennar Corp are using sales incentives to stimulate demand, impacting profit margins.
#HousingMarket #NewHomes #SalesDecline #MortgageRates #RealEstate #UsEconomy #ConsumerSentiment #Homebuilders #ConstructionStocks #PriceDecline
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