- July 27, 2021
- Posted by: Stratford Team
- Category: Business
Romer Debbas managing partner Pierre Debbas provides insight into how long the ‘robust’ housing market will last.
New home sales unexpectedly fell in June to the lowest level since April 2020 as buyers grappled with near-record-high prices.
Sales of new single-family homes last month fell 6.6% to a seasonally adjusted annual rate of 676,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. The rate was 19.4% below the June 2020 estimate of 839,000.
Analysts surveyed by Refinitiv were expecting an increase to 800,000. Last month’s reading was revised lower by 45,000 to 724,000.
New home sales, which account for about 10% of the housing market, have fallen every month in 2021.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Homebuyers have been faced with record-high prices in recent months as surging input costs, including lumber, have made construction more expensive. Low inventories have also helped prop…
