US new home sales jump 13.9% in July

Washington: Sales of new homes leapt 13.9 percent in July compared to the prior month, demolishing expectations as the US housing market continues to heat up, according to government data released on Tuesday.

The sales pace surged to an annual rate of 901,000 homes sold, more than 36 percent above July 2019, helped by very low borrowing rates.

But the results were uneven, with sales in the Midwest jumping an eye-popping 58.8 percent, while the Northeast posted a 23.1 percent drop.


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