New Home Sales dip in August

Wells Fargo Research Team Wells Fargo

Summary

New Home Sales declined in August

New home sales dropped 4.7% to a 716K unit pace during August. The decline offset the strong jump in sales the month prior. Despite the dip, the pace of new home sales continues to be relatively sturdy on account of builder pricing incentives and a scarcity of available homes in the existing market. Looking ahead, lower mortgage rates should eventually provide a boost to new home sales, but affordability challenges and a softer labor market will likely limit the rebound.

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Wells Fargo Research Team

Wells Fargo

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