By region, sales increased in the West at the fastest pace since February 2022.
Contract signings on new single-family homes increased 10.6% last month to a 739,000 annual rate, reflecting gains in all four major regions, government data Friday showed. New-home sales in the US bounced back to the highest level since May 2023 as buyers took advantage of lower mortgage rates and more listings to choose from.
Mortgage rates have dipped to 6.5% from a 2024 peak of nearly 7.3% in April, and they’re expected to fall further as the Federal Reserve gets ready to begin lowering interest rates next month. Chair Jerome Powell said at the central bank’s annual symposium in Jackson Hole, Wyoming, on Friday that “the time has come” to cut rates.
While inventory is slowly creeping up in the resale market as some homeowners part ways with their pandemic-era low mortgage rates, that supply is still historically low and keeping homes expensive. The median price of previously owned homes set a record last month for any July going back two decades, according to separate data out Thursday.
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