U.S. new home sales surge 28.8% in August, reversing a sharp decline in July, the Commerce Department reported Tuesday.
The numbers: U.S. new home sales surged 28.8% to a seasonally-adjusted annual rate of 685,000 in August, from a revised 532,000 in the prior month, the Commerce Department reported Tuesday.
Yet the sales of new homes... The numbers: U.S. new home sales surged 28.8% to a seasonally-adjusted annual rate of 685,000 in August, from a revised 532,000 in the prior month, the Commerce Department reported Tuesday. The supply of new homes for sale dropped by 22.1% between July and August, equating to a 8.1-month supply.
Big picture: The gain might reflect homebuyers rushing to complete purchases before mortgage rates move any higher.
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