U.S. new home sales drop sharply, point to more housing weakness

[Eugene]

Source: Reuters

BUSINESS NEWS AUGUST 23, 2019 / 10:33 AM / UPDATED 19 MINUTES AGO

U.S. new home sales drop sharply, point to more housing weakness

Jason Lange
3 MIN READ

WASHINGTON (Reuters) - Sales of new U.S. single-family homes sank more than expected in July, a sign that the housing market continued in low gear despite lower mortgage rates and a strong labor market.

The Commerce Department said on Friday new home sales dropped 12.8% to a seasonally adjusted annual rate of 635,000 units last month. It was the biggest monthly decline since July 2013.

Economists had expected a sales pace of 649,000 units.

Concerns about slowing growth, especially tied to trade tensions between the United States and China, as well as weakness in overseas economies are seen encouraging the Federal Reserve to cut interest rates in September for the second time this year.

-snip-

Read more: https://www.reuters.com/article/us-usa-economy/u-s-new-home-sales-drop-sharply-point-to-more-housing-weakness-idUSKCN1VD1NZ

[Newest Reality]

1. Not to mention...

The rapidly growing and extremely critical crisis in regards to affordable housing and rent increases generally.

[Doodley]

2. Another day, another set of bad economic figures.

[riversedge]

3. Folks just do not have the money for house payments.

....
The Commerce Department said on Friday new home sales dropped 12.8% to a seasonally adjusted annual rate of 635,000 units last month. It was the biggest monthly decline since July 2013

[mitch96]

4. "U.S. new home sales drop sharply"

I'm curious about what price point they are talking about. If it's $600,000 homes well yea. How about affordable housed home sales. In my neighbor hood expensive homes sit aroung for a while but affordable housing gets snapped up quick..
m