According to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, newly built single-family home sales declined 10.5% in July to a seasonally adjusted rate of 607,000. The pace of new home sales was 6.3% lower than a year earlier, according to July data.
A survey from the National Association of Home Builders shows that a majority of builders continue to offer incentives, including mortgage rate buy-downs, to accelerate the pace of new home sales. There is still hope in the industry as builders continue to outperform the broader market.
