US new home sales jump 13.9% in July

[WASHINGTON] Sales of new homes leapt 13.9 per cent in July compared to the prior month, demolishing expectations as the US housing market continues to heat up, according to government data released Tuesday.

The sales pace surged to an annual rate of 901,000 homes sold, more than 36 per cent 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 per cent, while the Northeast posted a 23.1 per cent drop.

AFP