Sales of new U.S. single-family homes rebounded sharply in June, but sales for t...
WASHINGTON - Sales of new U.S. 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 labor market.
Worries about slowing growth, especially tied to trade tensions between the United States and China, and weakness overseas are likely to encourage the Federal Reserve to cut interest rates next Wednesday for the first time in a decade. “There is no evidence here to change the narrative that the response of the housing market to lower mortgage rates has been underwhelming,” said John Ryding, chief economist at RDQ Economics in New York. “The best description of home sales is that they have leveled out in the neighborhood of 620,000.”
In the Northeast, sales dropped for the second straight month, hitting their lowest level in eight months. While single-family homebuilding rebounded in June, permits increased moderately and continued to lag housing starts.
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