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New Home Sales Hit Highest Level In More Than A Year

  • August 26th 2024

by UrbanTurf Staff

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In a bit of surprising news, new home sales rose in July to their highest level in more than a year. 

New single-family home sales hit 739,000 units last month, according to the U.S. Census Bureau, up 10.6% from July 2023. It was the sharpest increase in sales since August 2022. 

"Despite a cooling labor market, the uptick in sales highlights the magnitude of the affordability challenge and just how sensitive buyers are to even the smallest declines in mortgage rates," a Zillow analysis found. "Although builder confidence continues to wane, persistent affordability challenges mean that many buyers are increasingly turning to new construction."

See other articles related to: new home sales

This article originally published at https://dc.urbanturf.com/articles/blog/new_home_sales_hit_highest_level_in_more_than_a_year/22640.

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