New home sales surged in August to the fastest pace in more than three years, defying predictions of a slowdown and signaling fresh momentum in the housing market despite elevated mortgage rates and stubbornly high prices, The Hill reported.
Sales of new single-family homes rose 20.5% last month to a seasonally adjusted annual rate of 800,000 units, the Commerce Department reported Wednesday. That was up 15% from a year earlier and the strongest pace since January 2022. Economists surveyed by Reuters had expected just 650,000 units.
During President Joe Biden’s term, existing home sales fell sharply, from 6.12 million in 2021 to just over 4 million in 2023 and 2024, the lowest levels in nearly three decades. New home sales followed a similar trend, slipping from 771,000 in 2021 to 641,000 in 2022, before edging higher to 668,000 in 2023.
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