WASHINGTON (MarketWatch)
Sales of new U.S. homes rose 7.9% to a seasonally adjusted annual rate of 421,000 in August, rebounding after a large drop in July, as three of four regions posted gains, according to government data released Wednesday
Economists polled by MarketWatch had expected sales to climb higher in August to a rate of 420,000, compared with an original July estimate that pegged the rate at 394,000
On Wednesday the U.S. Department of Commerce revised July's rate to 390,000
Pent-up demand and relatively low interest rates are supporting sales, though there's concern that rising mortgage rates are cutting into the housing market's recovery
Looking longer-term, new-home sales in August were up 12.6% from the year-earlier period
The median price of new homes was $254,600 last month, up 0.6% from the year-earlier period
The supply of new homes on the U.S. market fell to five months at the current sales pace from 5.2 months in July
Sales of new U.S. homes rose 7.9% to a seasonally adjusted annual rate of 421,000 in August, rebounding after a large drop in July, as three of four regions posted gains, according to government data released Wednesday
Economists polled by MarketWatch had expected sales to climb higher in August to a rate of 420,000, compared with an original July estimate that pegged the rate at 394,000
On Wednesday the U.S. Department of Commerce revised July's rate to 390,000
Pent-up demand and relatively low interest rates are supporting sales, though there's concern that rising mortgage rates are cutting into the housing market's recovery
Looking longer-term, new-home sales in August were up 12.6% from the year-earlier period
The median price of new homes was $254,600 last month, up 0.6% from the year-earlier period
The supply of new homes on the U.S. market fell to five months at the current sales pace from 5.2 months in July
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