New-home sales turn higher, despite record prices

New-home sales turn higher, despite record prices
·3 min read

Unlike the existing-home sales report from the National Association of Realtors, the new-home sales report from the U.S. Census Bureau captures sales when the contract is signed rather than when the sale is closed. Indeed, the sales figure for July was upwardly-revised to 729,000 from the originally reported number of 708,000. The big picture: Whether new home sales can keep this steady pace will depend upon how willing buyers are to stomach rising prices — especially given expectations that mortgage rates are set to increase given the Federal Reserve’s shifting policies.

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