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U.S. new home sales beat expectations in August By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO A sign stating “For Sale” is displayed outside a Queen Anne home near Seattle’s Space Needle. This was taken in Seattle on May 14, 2021. REUTERS/Karen Ducey

WASHINGTON (Reuters) – Sales of new U.S. single-family homes rose more than expected in August, but there are signs that housing market momentum is slowing as the tailwind from the COVID-19 pandemic fades.

According to the Commerce Department, new home sales rose 1.5% last month to an adjusted seasonally adjusted annual rate 740,000 units. From the previous reported 780,000 units in July, the Commerce Department revised down to 729,000 units.

According to Reuters polling, new home sales (which account for a smaller percentage of U.S. home sales) were forecast at a rate up of 714,000 units by economists.

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