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New US home sales fall 12.6% in July as rising prices take a toll

New home sales fall 12.6% in July as rising prices take a toll



Does a slowing housing market mean homes will get any cheaper? ReplayMore Videos ... (16 Videos)Does a slowing housing market mean homes will get any cheaper? Engineer says she 'quiet quit' her job. Hear what that meansFed official on recession talk: When we look at the data, I feel relievedInflation is cooling but prices are still painfully high'It didn't get worse': Romans breaks down key inflation dataOnline shopping prices are starting to ease. Here's why that's significantHere's how the Inflation Reduction Act could affect you'Jaw-dropping number:' Ex Obama economic adviser on the jobs reportJuly jobs report doubles expectationsEconomist explains how the energy and health care bill will lower inflationWhat is a recession?Is the US in a recession? Hear what Jerome Powell thinks'I don't want to go bankrupt': High inflation leaves little room for unexpected costsFood bank demand skyrockets as cash-strapped Americans seek help over inflationHear Goldman Sachs CEO's message to the Biden administrationProducts on the shelves getting smaller? You can blame 'shrinkflation'New home sales plunged in July as high prices and mortgage rates pushed buyers to think twice about closing the deal.

Sales of newly constructed homes fell by 12.6% in July from June and were down 29.6% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. It was the second consecutive month of declines.How much house can I afford? Only 511,000 new homes were sold last month, down from a revised 585,000 in June. A year ago 726,000 newly constructed homes were sold.Meanwhile, the median price for a new construction home rose to $439,400, up from $402,400 the previous month.Sales have been trending lower as prospective buyers see their budgets stretched thin by long construction times, mounting costs and rising mortgage rates. The average interest rate for a 30-year, fixed-rate mortgage was above 5% for all of July, having risen more than two percentage points since January.Read MoreThis is a developing story and it will be updated.


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