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August 24, 2016

New-home sales at highest level since late 2007

  • Just 4.3 months' supply of new homes is available on the market, down from 5.2 months a year ago.
    • By JOSH BOAK
    AP Economics Writer

    WASHINGTON — Americans stepped up their purchases of new homes in July to the fastest pace in nearly nine years, the latest sign that low mortgage rates and a solid job market are helping support the residential real estate market.

    New-home sales jumped 12.4 percent last month to a seasonally adjusted rate of 654,000 annual units, the strongest level since October 2007, the Commerce Department said Tuesday. The demand has eclipsed the pace of construction. Just 4.3 months' supply of new homes is available on the market, down from 5.2 months a year ago.


     
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