U.S. new home sales fell 13% in July to 394,000 compared with 455,000 in June, the U.S. Department of Commerce reported today (August 23).
That makes July the lowest month for new home sales in 2013.
The weak numbers compare with a strong 6.5% increase in existing home sales in July, reported by the National Association of Realtors (NAR) on August 20.
U.S. mortgage rates are currently at their highest rate since July 2011, noted NAR, a development that may be pushing some homebuyers out of the market.
