The U.S.
Commerce Department announced on Wednesday that the sales of new single-family
homes declined 4.7 per cent m-o-m to a seasonally adjusted annual
rate of 716,000 units in August.
Economists
had predicted a sales pace of 700,000 last month.
The July sales
pace was revised up to 751,000 units from the originally reported 739,000
units.
According to
the report, new home sales in the South, the largest area, jumped by 2.7 per
cent m-o-m in August to 459,000, the highest level in four months. Meanwhile, new home sales in the Northeast tumbled by 27.3
per cent m-o-m to 24,000, in the West plunged by 17.8 per cent m-o-m to 152,000
and in the Midwest fell by 5.8 per cent m-o-m to 81,000.
Compared to August
2024, new home sales climbed 9.8 per cent.