WASHINGTON — Sales of new U.S. homes slumped 1.7 percent in July, the second straight monthly decline as the broader housing market appears to have lost some of its momentum despite an otherwise so…
Source: finance-commerce.com
New-home sales in the United States fell 1.7% in July 2018 which is the second straight monthly decline on the back of broader housing market losing its sheen in spite of otherwise robust economy. As per the Commerce Department, newly built homes sold at a seasonally adjusted annual rate of 627,000 in July, down from 638,000 in June and 654,000 in May. At the same time, new-home sales have increased 7.2% on year-to-date basis. The average sales price has risen 5.8% year-on-year to US$394,300. The increase in sales price is an indication of shift towards more expensive properties – 60% of the new homes purchased in July cost more than US$300,000, up from 56% in 2017.
