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New Home Sales Surge; Rates Change Course, Heading Higher; Application Volume Retreats

New Home Sales Surge; Rates Change Course, Heading Higher; Application Volume Retreats

New home sales in August reclaimed part of July's sharp loss. The Census Bureau and Department of Housing and Urban Development said sales nationwide of newly constructed single-family houses was at a seasonally adjusted annual rate of 713,000 units. This was 7.1 percent higher than the adjusted July rate , originally estimated at a 12.8 percent loss, but revised upward in the current report by 20,000 units to 666,000. The healthy increase in August sales, however, was felt in only two of the four major regions. Activity in the West was especially strong. The August results moved sales well above the 604,000 level in August of 2018, a difference of 18.0 percent, and was the second highest sales rate of the last year, exceeded only by an annual sales rate of 729,000 in June. It was also substantially
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