Stronger Than Expected Performance in New Home Sales
New home sales in the United States surged 20.5% in August 2023, outpacing market expectations.
The US Department of Commerce released August new home sales statistics. According to the data, seasonally adjusted new home sales reached 800,000, well above market estimates of 650,000.
In the previous month, July, sales had been volatile, falling 1.8% to 664,000. In August, new home sales rose 15.4% year-on-year.
Median Prices Rising
The median sales price of new homes rose 1.9% year-on-year to $413,500. This price increase suggests that the housing market could see further gains as it continues to be buoyant.
Mortgage Rates Continue to Fall
The Mortgage Bankers Association (MBA) released mortgage data for the week ending September 19. Mortgage applications rose 0.6% from the previous week, the data showed. Home purchase applications rose 0.3% and refinance applications rose 1%.
The average interest rate on a 30-year mortgage fell to 6.34% from 6.39% last week, marking its lowest level since September 2024.
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US home sales, new home sales, mortgage interest rates, August 2023, housing market
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