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【World Property Journal】U.S. New Home Sales Hit 13-Year High in July

【World Property Journal】U.S. New Home Sales Hit 13-Year High in July

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According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, in a sign that the housing market continues to lead the economy during the coronavirus outbreak, sales of newly built, single-family homes rose to its highest pace since 2006, up 13.9 percent to a seasonally adjusted annual rate of 901,000 units in July 2020.

The July rate is 36.3 percent higher than the July 2019 pace. New home sales are up 8 percent on a year-to-date basis.

"This is exactly what NAHB's builder confidence survey has been indicating in recent months. Consumers are being driven by low interest rates, a growing focus on the importance of housing and a shift in buyers seeking homes in lower density areas," said Chuck Fowke, chairman of the National Association of Home Builders (NAHB). "Despite these positive conditions, affordability challenges remain especially as builders are dealing with building cost increases, including a dramatic rise in lumber costs in recent months."

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