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Sales of new single-family homes declined 3 percent in August to a
seasonally adjusted annual rate of 893,000 units. According to a
Commerce Department report recently released, the decline partly offset
a revised 12 percent surge in July. The August sales pace was more than the second-quarter average of 855,000
units. Builders say momentum is returning to the market now that
long-term mortgage rates are back in the 8 percent-or-less range. The nation's supply of new homes stood at 4.1 months in August -- the
lowest in 12 months except for July. The inventory of unsold new homes
is about 303,000 units. |
