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New Home Sales Surge In August

  • September 24th

by UrbanTurf Staff

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A new home on the market in DC. 

In August, the U.S. housing market got a surprise: a significant surge in new home sales.

New home sales increased by 15.4% compared to August 2024, the Census Bureau reported on Wednesday, and rose 20% from July, reaching their highest levels since 2022. 

A pair of factors led to the surge. 

First, buyers took advantage of falling interest rates. While mortgage rates are still relatively high compared to historical lows, they have stabilized, offering more predictability to buyers who had previously been hesitant to make major financial commitments. 

Second, aggressive incentives may be getting more buyers to act. The National Association of Home Builders reported this month that nearly 40% builders are cutting prices. 

While the surge is good news for the market, it may be short-lived as high prices and a softening market could dampen buyer interest in the coming months. 

See other articles related to: new home sales

This article originally published at https://dc.urbanturf.com/articles/blog/new-home-sales/23898.

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