New Home Sales Recovery Continued in August; Who’s Lying About Mortgage Rates
Sales of newly constructed homes performed better than expected in August but remain well behind the pace set in August 2020. The U.S. Census Bureau and Department of Housing and Urban Development say that sales during the month were at a seasonally adjusted annual rate of 740,000 units. This is 1.5 percent above the 729,000 pace in July, a rate that was revised up by 21,000 units from the initial estimate. It was the second month that new home sales have increased following dismal sales in May and June with an aggregate loss of more than 100,000 units. The July and August gains still leave annual sales down 24.3 percent from the August 2020 rate of 977,000 units. Analysts for Econoday had expected sales remain at the 708,000 unit rate reported for July. Those polled by Trading Economics had
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