Market Updates
July Home Sales Fall 13%
Brian Turner
23 Aug, 2022
New York City
New home sales continued to fall in July as mortgage rates rise and buyers struggle with higher prices.
New home sales declined 12.6% to an annual rate of 511,000 in July from the revised 585,000 sales in June, the Census Bureau reported on Tuesday.
From a year ago, new home sales plunged 29.6% after home prices continue to advance.
The median price for a newly-built home increased to $439,400, up from $402,400 in the prior month.
After the release of the housing data, bond yields rose and home builders edged slightly lower.
The U.S. Treasury yields also rose and traded near 3.0% mark for 10-year notes.
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