US new-home sales fell to a six-month low in July, signaling that high mortgage
rates continue to suppress demand despite builders’ price cuts and incentives.
Government data on Tuesday showed sales of newly built single-family homes
declined 10.5% to a 607,000 annualized pace, below the median economist estimate
of 620,000. The median new-home price was down 0.9% YoY to $393,800. Sales have
slipped in three of the past four months, underscoring financing costs and
affordability constraints—especially in the entry-level market—despite measures
such as free upgrades, mortgage-rate buydowns and price reductions by builders.
