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【Global Property Journal】U.S. New Home Sales Reach 14-Year High in August

【Global Property Journal】U.S. New Home Sales Reach 14-Year High in August

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According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in August 2020 topped the 1 million mark and reached their highest pace since September 2006. Sales increased 4.8 percent to a seasonally adjusted annual rate of 1.01 million units. The August rate is 43.2 percent higher than the August 2019 pace.

"Surging sales are consistent with record builder confidence levels stemming from higher buyer traffic, historically low interest rates and a shift in demand for lower density markets," said NAHB Chairman Chuck Fowke. "However, higher lumber costs and limited building material availability in some markets signify we could see higher prices down the road."
 

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