U.S. August’s new home sales beat expectations

Sales of new U.S. single-family homes increased for a second straight month in August, but demand for housing has probably peaked after a COVID-19 pandemic-fueled temporary buying frenzy.
Sales increased in August even as sales of existing homes fell. It could be a sign that buyers are turning to newly constructed houses as shortages limit their options.
Sales of new single-family houses in August reached a seasonally-adjusted annual rate of 740,000, a 24% decrease from last year but an increase from July’s revised rate of 729,000, the Census Bureau and Department of Housing and Urban Development said Friday. Consensus called for a rate of 710,000.