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US New Home Sales Rise for First Time in Three Months
['Michael Sasso', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
(Bloomberg) -- New-home sales in the US climbed in June for the first time in three months as heavy builder discounting helped offset high mortgage rates and subdued consumer sentiment.
June's improved sales likely reflect heavy discounting, as builders continue to offer customers sales incentives and cut prices in order to stoke demand in a difficult market.
Sales also rose in the Northeast and Midwest, while sales in the West declined.
New-home sales are seen as a more timely measurement than purchases of existing homes, which are calculated when transactions close.
The government report showed 90% confidence that the change in new-home sales ranged from a 13.2% decline to a 16.4% gain.