WASHINGTON: Sales of new US single-family homes rebounded sharply in June, but sales for the prior three months were revised down, indicating that ...
WASHINGTON: Sales of new US single-family homes rebounded sharply in June, but sales for the prior three months were revised down, indicating that the housing market continued to tread water despite lower mortgage rates and a strong labour market.
Economists polled by Reuters had forecast new home sales, which account for about 11 per cent of housing market sales, increasing 6.0 per cent to a pace of 660,000 units in June. While single-family homebuilding rebounded in June, permits increased moderately and continued to lag housing starts.In a separate report on Wednesday, data firm IHS Markit said its Flash US manufacturing PMI slipped to a reading of 50.0 in July, the lowest since September 2009, from 50.6 in June.
The 30-year fixed mortgage rate has dropped to an average of 3.81 per cent from a more than seven-year peak of 4.94 per cent in November, according to data from mortgage finance agency Freddie Mac.
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