US new home sales rise most since August 2022

VTV.vn - The average price of a new home in August was about 413 thousand USD/unit, up 1.9% over last year.

(Illustration photo - Photo: Getty Images)

Sales of new homes rose 20.5% in August from July, the highest since January 2022, and 15.4% year-over-year, according to the U.S. Commerce Department's Bureau of Statistics. This was the largest monthly increase since August 2022, despite higher 30-year mortgage rates in August.

Robert Dietz, chief economist at the National Association of Home Builders, stressed that while growth was expected, the surprise increase was not part of the forecast and would require further evaluation pending revised figures and September information. The median price of a new home in August was about $413,000, up 1.9% from a year ago, despite many builders offering discounts and promotions.

According to a survey from the association, 39% of builders reported price cuts in September, up from 37% in August. The highest new home sales were concentrated in the Northeast and the South, while the West, where prices were highest, had the worst sales.

Some industry experts said the strong sales were likely due to builder incentives, although the impact of lower mortgage rates will be more evident in September data. However, if mortgage rates continue to fall, builders may reduce incentives, cutting into the benefits of low rates. The strong sales reduced inventory from nine months in July to 7.4 months in August, a decline of nearly 18%. Single-family home starts and permits slowed compared with July and last year, suggesting a sales slowdown is expected.

Source: https://vtv.vn/doanh-so-ban-nha-moi-tai-my-tang-manh-nhat-ke-tu-thang-8-2022-100250928092735902.htm