A decline in U.S. purchases of new homes in July may be a sign the industry took a breather following an even stronger run of sales than previously reported, according to government data Wednesday.
Highlights of New Home Sales (July) |
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Key Takeaways
The slowdown as the second half got under way may reflect lack of affordability and low inventory, which have been constraints, especially for younger, first-time buyers who find it harder to get housing-related credit.
At the same time, the cooling is unlikely to derail what's been a gradual uptrend in sales that's helping the housing market make progress. The revisions for the previous three months show that demand has been supported by steady hiring and borrowing costs still near record lows. Shortages of previously owned houses on the market may also drive some prospective buyers to look at new properties.
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