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US housing market: New home sales drop in July; housing starts pick up

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US housing market: New home sales drop in July; housing starts pick up

New single-family home sales dropped 12.8% on a monthly basis in July to a seasonally adjusted annual rate of 635,000, after increasing 7.0% the month prior, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The figure, however, represented a 4.3% increase year over year.

Privately owned single-unit housing starts saw positive gains in July, up 1.3% month over month and up 1.9% on a yearly basis.

Existing home sales also showed positive growth for the month, up 2.5% compared to June levels and up 0.6% on a yearly basis. According to NAR Chief Economist Lawrence Yun, lower mortgage rates are making homes more affordable and nudging buyers into the market.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 0.2% increase month over month in June, after seasonal adjustment, and was up 3.1% on an annual basis.

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