US new home sales plunge for sixth straight month to lowest level since 2016

📆 8/23/2022 9:00 PM
📰 FoxBusiness

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Purchases of new homes in the U.S. fell even more than expected in July as record-high home prices and rising borrowing costs priced buyers out of the market.

Jerry Howard, the CEO of the National Association of Home Builders, provides insight into the housing market amid economic challenges.rising mortgage rates

and the relentless increase in home values slowed activity by edging prospective homebuyers out of the market. New single-family home purchases tumbled 12.6% to a seasonally adjusted annual rate of 511,000 units, the Commerce Department reported on Tuesday. It marked the sixth consecutive month of declines. Economists surveyed by Refinitiv expected new home sales – which account for a small percentage of total sales – to fall 2.5% last month.

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